Wednesday, 3 December 2014

11am update - Dow breaks new highs

The mighty Dow has once again broken a new historic high.. now in the 17900s. VIX remains in melt mode, -3% in the 12.40s. Metals are building gains, Gold +$11.. whilst Oil is moderately higher by 0.4%.

Dow, daily


Price action remains depressingly muted..  and that merely makes it easier for the market to grind higher.

With the new high in the Dow - for the second consecutive day, even hopes of a retrace to sp'2020/15 are now back on hold.

The Fed beige book is due at 2pm.. but really... what could that possibly say that might upset the market?

Notable strength: RIG +4%, BTU +4%.. but then.. both stocks remain utterly smashed to pieces since the summer.

Weakness.. airlines, ... DAL/UAL, both lower by almost -1%.. no doubt reacting to the minor bounce in oil prices.

time for an early lunch