12pm update - near term weakness, but broader upside

The market remains seeing minor weak chop. The two leaders - Trans/R2K, are holding together very well, and indeed, the Trans even broke a new historic high this morning - as oil prices continue to remain weak. Metals are seeing a bounce, Gold +$14, but remains under old broken support.


sp'60min

Trans, daily

Summary

If you were only looking at the daily Trans chart, you'd have to be completely bullish about this market. The old leader usually does indeed lead..and it ain't trending lower, is it?
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The headline indexes - Dow, SP', and Tech' are all a touch weak, but really, the price action remains the same as it has for the last two years....'bears have no downside power..even when the economic data does kinda suck'.

Yeah. a sucky jobs number of just 74k...a miss of over 126k from the market consensus, and the market is only fractionally lower. THAT more than exemplifies the underlying strength.
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*despite the slightly weak indexes, VIX is indeed marginally red, -2.9% in the 12.50s. Anyone still doubt the 11s next week, with sp'1850s?

time for tea :)