US equity indexes ended the week on a very positive note, sp +32pts @ 2129 (intra high 2131). The two leaders - Trans/R2K, settled higher by 2.5% and 2.4% respectively. VIX settled lower by -10.6% to 13.20. Near term outlook offers sp >2134 to new historic highs, with other indexes set to follow.
With the jobs data pleasing Mr Market, equities built solid gains across the day. VIX was naturally crushed to the 13s... having now been cut in half from the BREXIT high.
re: the jobs data. So, May was revised to an even lower 11k net gain, whilst June is initially at 287k. Seriously, are the BLS using a random number generator lately?
Regardless, the market was pleased, and it made for a very bullish end to the week.
Market chatter from Schiff
New historic highs look due
After a second consecutive net weekly gain, it would seem that rather than another failure, we'll see the sp'500 break a new historic high at next Monday's open - or at some point next week. The Dow and Nasdaq will duly follow, with the Trans/R2K set to take 3-6 months to also break new historic highs.
US equity Bears had their opportunity with the recent BREXIT vote, but failed to even attain a daily close under sp' 2K. The precious metals and US bonds continue to broadly climb, but that is not enough to negate the fact that the sp'500 is set to break above the May 2015 high.
So.. yes... yours truly has waved the white flag.
Goodnight from London
*the weekend update will appear Sat' 12pm EST, and will detail the US monthly indexes