Thursday 1 May 2014

11am update - another push higher

It remains a market of minor chop, but the underlying upside is there for anyone to see. A daily close in the sp'1890s looks due today..or tomorrow. A weekly close in the 1895/1905 zone would really smite the bears. Metals remain weak, Gold -$9, Silver -1.4%


sp'daily5


Summary

Without getting lost in the minor noise, the broader upward trend most certainly continues.

There is next to zero power on the downside, and if the Market likes the monthly jobs data tomorrow morning, then we're set to close the week with new historic highs.
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Look to the Nasdaq....the threshold to close above is clear...

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*I am heavy long, esp' via the OilGas Drillers of DO, RIG, SDRL, My entry this morning was 'reasonable', but I sure didn't catch the lows.