11am update - Transports pushing for a new high

The equity bears lack any downside power, and we're back to melt mode..which could be the case for much of this week. The transports is close to breaking a new historic high, which is a particularly bullish sign for the broader market.


Trans, daily

R2K, daily

Summary

*I remain moderately long, but will seek to drop 1 (of 2) blocks, if R2K in the 1120s.
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So..most indexes are moderately higher. only the Dow is somewhat lagging. Overall, price action sure does not favour the bears.

If the R2K did just form the right side of a large HEAD..then we're headed all the way to 1170/80..which will really cause problems for those holding short.
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time for a somewhat early lunch :)
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11.26am.. Transports breaks a new historic high.

There is a fair chance of a few hours of chop..before another wave higher into the close.

I remain long...seeking R2K in the 1120s..and I will probably drop 1 block then.