Friday, 3 May 2013

2pm update - comfortably holding gains

The US market is very comfortably holding gains of around 1% on the main indexes. Far more significant though are the gains for the Trans and R2K, which are higher by 2.4 and 2.0% respectively. VIX is broken, and remains in the 12s.


Dow,  daily


Summary

Very little to add at this point.

Aside that there is no point on focusing on the smaller cycles now. Today is clearly a breakout day, and the notion that April is the 'death knell for the market' should be thrown out.

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I realise some of you will be bemused, even outraged, at my turn of trend outlook. Yet, I'm just going to keep on calling it as I see it.

Bears had a chance to break lower - as we saw on Wednesday, but they just can't string together a series of down days. Its that simple.
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I remain on the sidelines, but will look to go long Oil, sometime next Monday.