No news is good news in market land. With no sellers, and just a few buyers, the algo-bots are easily melting the market higher. The fact that almost every day is fuelled by QE-pomo, is merely making it that much easier. Metals are mixed...Oil holding moderate gains.
Trans, weekly3, count/outlook
Perhaps it will annoy those who only want to see bearish charts, but hell, I'm going to keep posting that Transports weekly chart. It is probably the most useful chart I have right now to express the viable upside this summer.
Trans now in the 6400s, only another 600-800pts to go, which will equate to sp'1800s by late summer.
I will note, that I am increasingly inclined to the 'ramp and crash' scenario. Yet that is MANY months away. Its going to take a huge amount of patience to refrain from index shorts until Aug/Sept.
Perhaps a drop from sp'1800 to 1400/1300 in the autumn? Certainly, NOT a 2008 collapse, but more of a 1987 drop. fast/furious, then climbing into spring 2014.
VIX update...from Mr P.
Nothing really going on, aside from minor buyers of long term calls.