12pm update - battling higher

Despite a minor down wave in early morning, the US indexes have battled back - no doubt, helped by $2-3bn of QE-fuel. A daily close in the 1937/42 zone is viable, with 1945/50 early tomorrow, which might equate to VIX in the 10s.


sp'daily5

R2K, daily

Summary

*again, without getting lost in the noise, I'm focusing on the bigger cycles.
--

Suffice to say, the market is pretty content with the ECB policy decisions, and most now recognise that the ECB will likely announce a QE program in the late summer/early autumn.
-

VIX update from Mr T.



--
time for lunch