Closing Brief

It was the fourth consecutive daily gain for the US indexes, with the sp +11pts (0.75%) @ 1652. The transports saw very strong gains (but largely a result of FDX), +2.2%. Near term resistance is around sp'1655/60.


sp'60min

Summary

Another day for the bulls to revel in this twisted QE-fuelled market.

There is simply no reason for the bears to be part of  this.

Even the threat of moderate downside - post FOMC minutes (Wed' 2pm), is arguably nothing to be trading on.

By early August, we will surely be in the sp'1700s
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*I remain content to be on the sidelines.