10am update - new highs

We're off and running...to new highs. With very few sellers, the algo-bots look set to take control of today, a $3bn pomo day no less. Precious metals and oil remain a touch weak, but it really isn't anything significant, and the near term trend for both looks upward.


sp'60min

USO'60min

Summary

Another quiet open..and we're now in the sp'1640s.

My primary summer target for August remains sp'1800s, with Trans 7000/200.

There is no reason to expect this nonsense will end any time soon.
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Oil is...not interesting at this price level.
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10.05am.. ohh lookie at who was just on clown network... Laszlo 'the ruler' Birinyi

another seemingly ugly Tuesday for those in bear land.
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10.24am. Yes, I've noticed the VIX +3%, whilst sp+9pts..but I think the VIX is to be dismissed as mere noise.