12pm update - just another Tuesday

Another Tuesday, fuelled by pomo, with no sellers, 'some' buyers, and the HFT algo-bots helping to melt everything that little extra bit higher. A close in the sp'1650s now looks viable, and that will no doubt rattle those bears currently short.


sp'daily

nasdaq composite, daily

Summary

A simple view of the Nasdaq shows it now above the daily upper channel, and indeed, the current trend is an accelerated one.

Higher and higher...faster and faster.
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How can anyone think of shorting that?
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Oil is a touch higher, and I won't be chasing it here.

I'll consider an oil long tomorrow, AFTER the EIA report at 10.30am. Maybe USO can still drop to 33.50/40...before an attempt on the 35s later this month.


VIX update



back at 1pm