Thursday, 7 August 2014

10am update - breaking higher

US indexes are only moderately higher, but it is enough to break the down trend. Metals are a touch lower, Gold -$1, whilst Oil is -0.2%. VIX is very weak, already lower by around -5%.


R2K, daily


*back...somewhat earlier than expected.

So.... we're on the rise. For me, I'd sure like to see the R2K back in the 1140s, that would bode much more bullish for the broader market. That does seem viable tomorrow... if not early next week.

Barring some sporadic news story about Russia/Ukraine it does look like the bulls will at least get the opportunity to test the old broken support in the sp'1960s.

VIX is typically in melt mode.. in the 15.50s. A daily close in the 14s would be ...useful.

10.25am.. minor chop...

In terms of the Dow, first upside target 16600... 120pts away. ..

Frankly, equity bulls should be very content with any weekly close in the 16500s or higher.

Notable strength: momo stocks... FB, TWTR, both +2%