2pm update - daily charts support the bulls

Whether we see a minor late day pull back now seems irrelevant. The daily charts are still offering at least a few more days to the upside - this is especially now the case, even for the lagging Trans and R2K. VIX remains weak, as do the precious metals.


sp'daily5

VIX'daily3

USO, daily2

Summary

With the weekly 'rainbow' charts now flipping back to outright bullish, its now arguably plain stupid to call for any bearish possibility.

Arguably, the bears can only get confident if we take out that 1538 low, and right now, that's a good 3% lower..and looks just so far out of range.
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re: Oil. There is likely upside into the close today, but its an interesting one to consider as a short from the 33.90s.

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*a late VIX update... from Mr T.



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2.15pm..USO spiking into the target short zone of 33.90s...standing by for short of that (will hold overnight).

Am short USO...lets see how that plays out early tomorrow.
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Meanwhile..main indexes look stuck around sp'1588