Closing Brief - Bulls fighting back

After five lousy weeks for the bulls, today they fought back. The opening was actually not that great, with futures moving from dow +100 to +50 or so...but then a relentless climb higher began. The closing hour was also strongly bullish, and the VIX confirms the index move.

The closing hourly indexes...


IWM

Dow

Sp

Summary

Baring some bizarre comments from the Bernanke tomorrow morning such as 'the financial system will collapse next week', this market looks set to broadly continue the rally into next week. The target for this fast and strong wave'2 is sp'1350/60 - and considering the coming events later this June, I'm looking for this wave to end by next Friday June'15.

More later...dealing with the VIX, and those daily index cycles.