Daily Index Cycle update

Another typical day in market land. Opening minor declines - after lousy EU econ-data, but the usual latter day recovery negated those declines, and some indexes again made new historic highs. It remains a powerfully strong market, fuelled (at least partly)..by the Feds (QE) POMO program.


IWM

SP'daily5

Trans

Summary

So, new highs for the Transports..and the Rus'2000.

Its almost a little surprising that the indexes didn't break into the sp'1530s, but then, the morning econ-data from the EU was very recessionary, and so that didn't exactly help to inspire a super bullish open.

Yet, as usual, those minor declines simple can't last. The bears are laughably powerless, and seeing some of the indexes hit new highs was somewhat funny..in a darkly comical sense.

What is clear, absolutely NO sign of a turn lower..quite the contrary.

Friday is opex..and the lead into a 3 day weekend (yes, we're closed next Monday), so there is no reason why we can't just melt a little higher into the long weekend.

A little more later