Thursday 5 June 2014

2pm update - afternoon gains

So far today we've seen new historic highs in the Dow, SP, and the Trans. The R2K/Nasdaq are similarly pushing higher. Metals are holding borderline significant gains, Gold +$9. VIX looks set for another daily close in the 11s.


sp'60min


Summary

I really shouldn't be posting an hour chart - for fear of getting lost in the minor waves, but yes...we are seeing a something of a toppy peak right now..from sp'1941.

Regardless, if the jobs data comes in okay tomorrow, the 1950s will be viable at the open...but from there, remains a sig' chance of a 1.5-2% retrace.

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I have to wonder what the chartists' Futia and Caldaro are thinking right now..they are getting real close to their original upside targets.

*I remain content on the sidelines..which is usually the case these days..urghh.