10am update - melting into the weekend

The US market is seeing micro-chop ahead of the weekend. Underlying pressure is still very much to the upside though, and there is no reason why we won't just slowly melt higher into the weekend. A close in the low sp'1680s will easily open up 1700 early next week.


sp'60min3 - broader outlook

Summary

There is a total absence of 'bearishness' out there now.

I do see a fair few people touting a near term pull back, but I'm thinking that's probably not going to begin until next Wed/Thursday - when the Bernanke is speaking to the US House/Senate.

*I am still long Oil, and looking to exit ahead of the weekend, although I intend to stay broadly long Oil into early August. WTIC Oil looks set for 110/115.

What does make me wonder, with the monthly breakout on crude, what about the longer term outlook? $130s, 140s in 2014?