sp'daily5
Dow
Trans
Summary
*this afternoon was offering a micro double top in the sp'500 of 1991, but that level was surpassed, arguably due to a story that flashed over the Nikkei news wires... a TWO week old story.
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The break to a new cycle high of sp'1999, with the Dow 17200s is a significant victory for the equity bulls. All that is left for the bulls to achieve now are new historic highs.. and we're only 1% away.
The 'old leader' - Transports, did close lower for the second consecutive day, but still.. equity bears can get confident at all.
There is currently no sign of a turn... and until the VIX is back in the 20s... it remains a very tricky market to play on the short side.
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Closing Brief from Riley
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a little more later...