Monday 20 April 2015

Closing Brief

US equity indexes closed with borderline significant gains, sp +19pts @ 2100. The two leaders - Trans/R2K, settled higher by 1.7% and 1.0% respectively. Near term outlook is bullish, with new historic highs due on all indexes.


sp'60min


Summary

*awaiting IBM earnings due at the close
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Not much to note on today.

Price structure on the hourly cycle is a baby bull flag, and bodes for further upside tomorrow.

Weekly charts offer 2120/30s.. although that looks unlikely until next week/end month.
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4.09pm.. IBM earnings. EPS 2.91  vs 2.80 exp.    Revenue was a touch light...

Initial reaction, market was somewhat pleased....


Testing the 200dma....  target is $175


4.19pm.. IBM cooling from $171 to 166.. but overall, there seems little reason for the stock not to battle upward into May - along with the rest of the market. Clearly though.. there is some sell side vol' at the 200dma.

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more later... on the VIX