10am update - new cycle highs

Equities break to new cycle highs, crucially, into the sp'1970s.. which is a major problem for equity bears. VIX is confirming the move, melting another 5% lower into the 15s. Metals and Oil are both holding moderate gains of around 0.3%


sp'60min

Summary

So, we're battling higher again, and the breach into the sp'1970s is significant.

Even more so, the Trans, which is very close to breaking a new historic high.

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notable weakness, FCX, -3.5%, post earnings, suffering from lower copper prices.

Great company, but whilst Copper prices continue to remain very weak - at the $3 threshold, miners are going to have real problems. The only good thing, fuel costs are lower.
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Notable strength: BABA, which did briefly hit $100.15 in pre-market
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Transports break a NEW historic high of 8718.  That is a huge victory for the equity bulls... all that is left are new highs in the headline indexes.
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10.26am.. so.. new Trans high.. and sp'1970s... some 150pts, 6.5% above the recent low.

With the Fed tomorrow afternoon, I ain't interested in getting involved ahead of that.

FCX continues to weaken, -5.1%