10am update - a new high for the holiday weekend

US equities open a little higher, but that is more than enough for the Transports to break another new  historic high of 7949. Sp'500 looks set for a weekly close well above the danger zone of 1865/60. VIX looks set to melt lower, somewhere in the low 11s.


sp'daily5

Summary

Okay...so..here we go....holiday trading.

There is ZERO reason why the market will sell lower today, not least since few are around anyway. As ever, such holiday trading tends to favour the bulls...algo-bot low volume melt...to the upside. Whether we get a weekly close in the sp'1900s...almost seems inconsequential.

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Notable weakness, the shippers, DRYS -4.6%

...which is kinda surprising, considering the transports sector as a whole is broadly strong.
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10.15am.. The R2K is breaking out of descending trend.

RS target remains 1170/80...which is 50//60pts higher..and would equate to sp'1920..maybe a little higher.

VIX breaking new low...11.61.
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