US equities closed broadly higher, sp +15pts @ 2108. The two leaders - Trans/R2K, settled higher by 1.7% and 0.5% respectively. Near term outlook is mixed, with the hourly cycles offering a down wave across Thurs/Friday, but the daily close >sp'2100 (where the 50dma is lurking) is a rather bullish signal for early August.
*awaiting earnings from the momo/hysteria stock that is the FB
For the bears... a very disappointing day.. and that is probably under-stating it.
Not only did the market manage to close higher for the second consecutive day, but above the psy' level of sp'2100.. and decisively above the 50dma.
Maybe the bears will be lucky and get some kind of weakness across the remainder of the week/end month, but really.. that is mere hope right now.
*I hold VIX-long... but my entry in the low 14s is looking a long way up. Crazy!
4.04pm.. FB earnings... better than expected... naturally the stock gets knocked lower... so far.. intra low of $90.60
Meanwhile... with a marginal miss in Whole Foods.. the market is upset with it...
Right back to the levels from Oct'2014... when sp' was a mere 1820.
more later... on the VIX