It was a week for the equity bulls, with a quartet of new index highs in the sp, nasdaq comp', nyse comp', and finally... the Dow.
There has been a lot of chatter in the murky corners of the internet, about how the Dow could not break a new high. That issue has been resolved, and all that is missing are the Trans and R2K. Those will follow.
A net weekly gain of 23pts (0.9%). Note the underlying MACD (blue bar histogram) which has turned positive. In theory, there is another 'basic' upside of 3 or 4 weeks. Some of the hyper-bulls could justifiably look for a straight run to the sp'2500s by late July.
Goodnight from London
*the weekend post will appear Sat'12pm EST, and will detail the world monthly indexes. It remains my most important post of the month.