11am update - R2K remains a little shaky

Whilst the Dow/Trans have again broken new historic highs, the R2K remains notably weak, hovering around the 1150 threshold. Gold is holding gains of $7, whilst Oil is pushing higher, +1.1%. VIX is crushed, having slipped into the 10s at the open.


R2K, daily

VIX'60min

Summary

So...almost an exact replay of yesterday...although the broader market is somewhat stronger.

The weakness in the R2K... I am largely dismissive of.

Yes, there is a reversal candle in the VIX, but then...a rally from the mid 10s, is not exactly anything for the equity bears to get excited about.

Notable strength: INTC +6.1%.... very impressive company...still 'cheap' relative to the main market.


11.09am.. R2K trying to rebound from the 1150 level. A daily close in the 1160s would be pretty important...and offer the sp'1990s.


11.12am... In more bullish news...

Yellen admits the Fed will backstop the broker-dealers..in the right circumstances.

How many years until the Fed start buying student debt?  3, 5, or 10?