Daily Wrap

US indexes are due a further minor wave lower, but it will do nothing to dent the multi-week upward trend. The real question is how high might the market be by mid July?


sp'weekly8b

VIX'daily3

Summary

So... some moderate daily gains for all the main indexes, with borderline sig' gains of 0.9% and 0.8% respectively, for the Trans/R2K. VIX looks set to jump again, but only to the 12.75/13.25 zone... 14 on a spike - if sp'1930s.

Broader trend.. and price action remains bullish... for at least another 3-4 weeks.


Closing update from Riley




Looking ahead

There is the usual jobs data, but also pers' income/outlays.

There are two Fed officials talking during the day, Bullard and Lacker, both of whose comments could be used to knock the market lower.

*next sig' QE is not until at least next Tuesday (next QE schedule is due Mon' Jun'30).
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Goodnight from London