Nasdaq Comp
Dow
SP'daily5
Trans
Summary
So, yet another day where the Transports ramped 'to da moon', with the Rus'2000 closely following. With the sp' hitting the big 1500 level, it has to be said, this is one hell of a bullish way to start the year.
With this kind of opening, how can anyone now be bearish about the rest of 2013?
Sure, moderate, even a single major pull back (to the 1300/1250s) is still viable, but the primary trend is now extremely bullish.
Anyone with doubts should merely stare at the monthly charts of the Transports and Rus'2000 indexes for an hour or two.
What about the earlier weakness?
A fair few (myself included) were getting somewhat curious about the weakness seen in the early afternoon, but really, it was minor, and the main indexes still closed largely higher. Even the VIX showed a failed breakout, losing 6% of its earlier 8% gains.
Without question, today was just another day of failure for the bears. There really is no reason to expect tomorrow to be any different.
A little more later