The main indexes closed moderately higher, with the sp +0.7% @ 1683. The two leaders - Trans/R2K, continue to accelerate, closing +1.9% and +0.9% respectively. Near term trend clearly remains to the upside, although bulls will have to fight to get a daily close in the sp'1690s.
After the opening gap higher, the market effectively flat lined for the entire day.
Dull...dull....dull. If this is the start of a major new multi month rally (into spring 2014), this is exactly the sort of mind numbing price action we're going to have to get used to again.
..and indeed if that if the case, the bears might as well turn off their screens until April/May 2014.
With the threat of a US attack on Syria now seemingly off the agenda, market is even more pleased with the world. After all, everything is fine now..right ?
There is clearly nothing to worry about, not least of which is the US federal deficit - and associated deb mountain of 17 trillion. Further, there is absolutely nothing to be concerned about in terms of those rising bond yields...right?
As someone who is long VIX, I'm resigned to waving the white flag, if the market breaks..and holds the 1690s..and that is a mere 0.4% higher.
a little more later...