2pm update - lunatics in command

Mr Market sure has come a long way since the November post-election lows. We have moved a clear 100pts higher from sp'1343, in little over a month. That is pretty impressive considering 'everything' else going on out there. With the VIX still in the lowly teens, it would seem the lunatics in command...have once again convinced the market that...all is well.


sp'60min

sp'daily5

Summary

Not much to add. We're comfortably trading in the sp'1440s, even a close in the 1430s wouldn't be bearish. The damage has been done, we have break throughs on just about every index, hell, even the Euro is higher today.
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I was reminded of this just now by poster 'cdude'




More later...as ever.

GOLD update...just another $35 to hit the 158 target

 What happens @ 158 will be important. A few daily closes <158, and surprisingly much lower levels are viable.

UPDATE 2.30pm VIX trying to build a floor, but its very unreliable at these low levels - as we saw yesterday in the closing hour.

Only with a daily close >17.50 can the bears start to get confident...and mid 17s sure look a long way up from here.