Thursday, 24 July 2014

10am update - welcome to the 1990s

US equities open with a little chop, but the broader trend is very much still to the upside. Most notable.. a new historic high for the sp' in the 1990s. I have no doubt given a few weeks..I'll be able to say.. 'welcome to 2014'



....lets start with this...



Kinda interesting that the weekly candle is still blue..even though we've broken into the 1990s. Regardless... we're headed into the 2000s... and beyond.


I am naturally focused on the R2K...which looks fine for the 1170s...


A great many major stock moves already today.. hard to choose what to highlight here.

Notable weakness in the oil/gas drillers, DO -6% or so on earnings... RIG/SDRL being dragged moderately lower.

10.21am.. minor chop... but broader price action does NOT favour the bears.

Keep in mind, sig' QE today... will be very strong upward pressure into the late afternoon.

VIX seeing a minor spike +4% at 12.05.   

10.34am. .just look at the tick by tick action..... it is NOT bearish.

Seeking sig' latter day upside....esp' in the R2K....just need >1165 for a major jump.