US equities closed moderately higher, sp +9pts @ 2173 (intra high 2175). The two leaders - Trans/R2K, settled u/c and +0.8% respectively. VIX settled -1.7% @ 11.77. Near term outlook still threatens a minor retrace to the breakout level of the 2130s, but broadly... the 2200s look an easy target for August.
Another day for the equity bulls, as the sp' breaks a new high of 2175, along with Dow 18622.
VIX remains utterly crushed, today's close of 11.77 was the lowest since 26th August 2014.
Blue skies for the equity bulls
With another pair of historic index highs, the bulls have justification to be very confident for the rest of the summer. Regardless of the threat of a minor retrace to the breakout level of the sp'2130s, the 2200s look an easy target for August.
I realise some out there are still holding short, the obvious question is... why? The May 2015 high of sp'2134 was always the ultimate line in the sand. That has been decisively broken through, and today marks the eighth consecutive day above the old high.
Sure, we can't keep rising at the current post BREXIT rate (184pts, 9.2%, across 17 trading days) forever, but it should be clear, this is no market for the bears.
Goodnight from London