With the sp' breaking into the 1640s, that's almost 3% higher in just 7 trading hours. The VIX appears broken, and looks set to close -10%. Oil is significantly higher, yet the precious metals are sharply lower, Gold -$30, and Silver -90 cents.
After opening moderate gains, with the market breaking into the sp'1640s, it looks like we have pretty strong confirmation that 1598 was the cycle low, and now we're headed up.
As I feared yesterday morning, the bears had plenty of time to exit, and I can only wonder at how many are now in underwater positions, and are back to 'hope' of a renewed fall.
Laughably...and it IS a funny thought, we're already less than 3% from taking out the Bernanke 1687 high.
Once again, the mainstream will flip to talk of sp'1700s...or even higher by end year.
*I remain heavy long the indexes.
VIX update from Mr T.
stay tuned !