Regardless of any cooling/chop into the quad-opex close, the sp'500 is set for a fifth consecutive net weekly gain. For the moment, there is still no sign of the market maxing out. With WTIC oil now set for the $44/45s, the bull maniacs still have a viable 20/30pts further to go... to the sp'2070/80 zone.
Suffice to add... from a bearish perspective, it looks pretty scary... but then, we did see an equally powerful ramp last Sept-Nov'.
*relative to oil, currently -0.6%.. equities are holding up pretty well.
notable weakness, Transocean (RIG)
An ugly daily chart.. a clear break of trend, and RIG is starting to unravel, having never quite been able to re-take the 200dma. RIG remains on the 'disappear list'.
*I was just reminded via poster Binkius, we have Fed official Bullard due to speak at 3pm... and Mr Market will no doubt keep an eye on any press release of prepared remarks, and a subsequent Q/A.
Broadly though... market looks set to churn into the close.
3.02pm.. Ahh, here we go...
... and Bullard is issuing the usual threats of QE and NIRP, even arguing that the adverse effects of NIRP are overdone.
NIRP won't cause any distortions or problems in the economy, right?
3.17pm.. Renewed upside.. sp'2051... upper hourly bollinger is offering the 2060s... but is surely out of range until early Monday.
In any case.. price action continues to favour the bulls... with the VIX melting back into the 13s.