12pm update - slow melt

The market is probably merely consolidating before more late day melt upward. There is simply no reason for the current move not to continue for at least a further 3-5 trading days. Dollar is higher, although precious metals snapped higher earlier. Oil is recovering after EIA report.


SLV, daily2

USO, daily2

Summary

With the econ-data coming in at least 'reasonable', underlying trend is being supported by the data.

I am open to an equity decline this spring, even as low as the low 1400s, but with continuing support from the Fed...it really is looking just so very difficult.
--

*I'm finding it too annoying to go long indexes, so I'm meddling in commodities instead. Bailed on Silver earlier, might re-long later in the day. Am long Oil this morning..if only for a 'near term' minor rally.
--

VIX update, from Mr P.




back at 2pm