Since the key low of sp'1904, in each of the natural down cycles, the best that the bears have managed is to churn the market sideways for a few hours. US equities look set to continue clawing higher into the weekly/monthly close.
There really isn't much to add. A few points down.. that appears all the bears can manage. No news is 'good news' right?
Rather the usual 2 steps up.. 1 down..its now a case of 1 up...sideways....then up again. It is all rather tiresome, and for now, essentially pointless for the bears to get involved.
The big issue is can the market hit the upper bol' in September, but that will likely be in the 2060/70s?
As for SDRL, which naturally I'm long (did I manage to curse another stock, really?)
Its a battle... sigh.
VIX update from Mr T.
time for lunch, wine, valium... or something