3pm update - massive victory for the bulls

Regardless of whether this is a touch of weakness into the close, the bulls have had a massive victory this week. Not only did the market just ignore a recessionary PMI number, but the underlying jobs data (hours worked) was lousy. QE-POMO remains the medicine of choice.


Trans,daily

Summary

Prices are cooling off a little this afternoon, but its still a clear breakout, but then, it already was yesterday for both the Sp'500 and the Nasdaq.


VIX rolling over on the weekly MACD cycle..

So, if market rallies into August, then how low the VIX, 10s...9s ?
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3.28pm...market still holding most of the gains. Yes, the VIX is ticking higher a bit, but its broken.

Oil is cooling off, a brief pull back on Monday morning seems likely.

I will look to go LONG oil next Monday.  All recent down targets are revoked.
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