So... moderate weakness across most US indexes.
Yet... are any equity bears going to let themselves get overly excited about a decline of 12pts (0.5%) ? Similarly, VIX was only moderately higher... still stuck sub-teens. Does anyone seriously think the key 20 threshold is due in the near term?
Broadly.. equity price action remains strong... and is certainly being helped via continued strength in Oil.
A fourth consecutive net daily gain of $0.84 (1.8%), settling @ $46.58. The psy' level of $50 is well within range by mid September. The past few weeks of USD cooling is no doubt helping Oil build gains. Any closes >$50 should clarify $60 will be hit. The inv' H/S scenario - as also seen in many energy stocks, would be suggestive of $70/75 by late spring 2017.
Goodnight from London