US equity indexes closed moderately higher, sp +13pts @ 2094. The two leaders - Trans/R2K, settled higher by 0.3% and 0.7% respectively. With the Dow having broken the Nov' high, and >18k, the outlook into the summer unquestionably favours the bulls.
*closing hour action: micro chop, but (as is almost always the case) leaning to the upside, and breaking a new multi-month of 2094.66.
... and thus concludes one of the more bizarre trading sessions of the last few years.
Its not even the fact that the Dow broke the Nov'2015 high. Its the issue that with Oil -6% last night.. the market barely reacted, with (at worse) the equiv' of a -0.7% decline.
The fact that indexes then turned positive by 10am was a seriously disturbing thing to witness.
Sure, we could easily cool 2, 3.. even 4% by end month, but why would we? Regardless of what the FOMC decide next week, does it even matter?
The market looks damn strong now. It can't be denied.
more later... on the continually cooling VIX.