US equity indexes closed on a positive note, SPX +12pts (0.3%) at 4410. Nasdaq comp’ +0.6%. Dow +0.3%. The Transports settled +1.2%. R2K +2.4%
sp’60min
Summary
closing hour action: very choppy, but leaning upward to turn positive… filling the opening gap. The s/t cyclical setup favours the bulls for early Tuesday. S/t oversold conditions have been burnt off by around 45%
*awaiting earnings from IBM
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… and that concludes Monday. Whilst there was a late day recovery, with a new multi-month low, it still has to be seen as a day for the bears. Today is arguably to be seen as day’7. In theory we could still see another 4-5 days lower, as 4000/3800 appears realistic.
Still a long week ahead… and I sit back and wait.
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notable transport: CCL
Another difficult day, but the shippers are holding well above the December lows. I would always favour the airlines, but both are vulnerable to higher staffing and energy/fuel costs.
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notable bond ETF: TLT
A choppy day, with bonds cooling back.
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notable fin: BAC
Lower with the main market, helped by a latter day recovery in yields.
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Here it was a day of grey horror, and another excuse to stay indoors.
Have a good evening
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more later on the VIX and Indexes by 6pm EST