10am update - new highs

Good morning, and welcome to a shortened Easter trading week! The indexes open moderately higher, and we've just broken the recent sp'1563.62 high. USD is moderately higher, with the VIX -7%, back in the 12s. Oil is higher, precious metals 'trying' to rally.


sp'60min

VIX 60min

Summary

So the Cyprus issue is now seemingly resolved for the near term, although it will be interesting to see what happens when the banks do re-open.
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It would appear the market that will trade broadly higher for another few days, and slowly melt into the 1570s.

For me, the only issue is whether we end up peaking in the 1580s.

As I noted at the weekend, weekly charts are all offering significant downside, but that it will likely take some 4-6 weeks to full play out.

Bears need to remain patient !
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*I remain long SLV, looking for an exit today/tomorrow.