Trans, daily
R2K, monthly
Summary
So... another new high in the 'old leader', set for the giant 10k threshold early next year. That will surely also mean the R2K breaks the double top of 1212/13, which itself will mean the broader market has very considerable upside still ahead.
I'm well aware many will be calling a key top in the sp'2100s.. but why would it stop there? Sure, a retrace back to the giant 2000 level would be natural - whether next month, or Jan/Feb, but it will merely be another one of those minor pull backs.
Once we're in the sp'2200s - which seems highly probable by March/April, it should then bode for a straight up move to 3k.
Call it 'crazy talk', a 'twisted sign of capitulation', or whatever you want, but that is how I see things.
VIX remaining subdued
VIX, daily3
If a retrace to sp'2000, then clearly VIX will climb into the upper teens... but that now seems more likely in Jan/Feb.
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Closing update from Riley
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Looking ahead
Amongst a few bits and pieces tomorrow, we have GDP (first rev').. market is expecting a slight downward revision from 3.5% to 3.3%. So long as the number comes in >3%.. market should be fine. Anything under <2.5% would be a problem, but then.. that is equally bullish.. since rates would then be anticipated to be increased at a later date.. yes?
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Goodnight from London