Thursday, 11 July 2013

Closing Brief - bears burnt to a crisp

The main indexes all closed with very strong gains. The sp' closed +22pts @ 1675, and is now a mere 0.7% from breaking new historic highs. The R2K closed at a record 1033, with the Trans +1.2%  @ 6471. Bernanke....has a 'great deal' to answer for.



Day'13 of an up cycle that has seen the market ramp 115 pts from sp' incredible move, on any basis.

There is absolutely no reason why the market is going to see any significant falls for some 'weeks'..perhaps...months.

For the bears still holding short, the outlook does not look good. The one thing in favour for the bears, no sig' QE until next Friday.

*having exited another annoying short-index position, I am now long Oil (via USO).

more later on the smashed down VIX...