3pm update - a touch of weakness

The market has had a good run upward since last Wednesdays low of sp'1582. A little weakness into the close, and perhaps early Thursday would make for a very natural minor down cycle. Oil has built further gains this afternoon, +1.1%, the weaker USD is no doubt helping.


sp'60min

USO, daily2

Summary

It remains very quiet out there. Any bears getting excited about a pull back from 1630 really need to go stare at the weekly Transports chart for a few hours.

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*I remain content to be on the sidelines, not least after last weeks key bear failure.


UPDATE 3.30pm.. well, Trans back >6400, and other indexes holding up. Bears can't even get a few pts lower.

back at the close.