US equities see another micro up cycle, with the sp +26pts @ 1916. Clearly though.. price action remains somewhat twitchy, with the VIX comfortably still above the key 20 threshold. Equity bulls look set to battle upward into late next week, with an initial target of 1956... and VIX 20/19s.
Not much to add.
Unlike yesterday, the market looks set for a net daily gain. Now it seems to be a case for the equity bears to wait for the sp'1950/80 zone.
Clearly.. there will be a lot of stops around the Tuesday high of 1950.. and if that does break... then 1980s are viable.
The daily MACD cycle is offering upside into FOMC week, but considering we saw a 10 day down cycle, I'd be surprised the counter rally last past next Thursday.
Copper miners: FCX +9%, TCK +10%
weakness: miners, GDX -3.6%, as Gold -$15.. losing the 'fear bid'.