Friday, 6 June 2014

3pm update - melting into the weekend

US equities look set for some micro upward melt into the weekend. The sp'500 is on track for a net weekly gain of around 1.25%, which is respectable on any basis, - not least, considering the gains already built across May. VIX looks set for a weekly close in the 10s.



8 consecutive weekly green candles, and unquestionably..the equity bulls remain in full control.

Perhaps we'll see a turn at the next FOMC (June'18), but even then, bears need a catalyst to kick the market below the primary monthly 10MA support (sp'1830s).

Right now, the only real hope for the bears is a flat/negative GDP Q2 data point, but that won't be until late July.

yours.... at least not short.