11am update - over extended nonsense

US equity indexes are all significantly higher, with the sp'500 having so far hit a high of 2054... which even to the bull maniacs.. should make little sense. Metals remain weak, Gold -$5, whilst Oil has clawed back most of the opening declines, -0.3%.


sp'15min

Summary

...so.. what is the 'excuse' for this?  Frankly, this feels more crazy than the latter day Tuesday ramp.

Are the BoJ buying heavy this morning, is that it?
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VIX remains sharply lower...

15min

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Notable weakness: FCX -3% in the low $23s.. next support 20... and then 17. The latter seems likely, if Copper falls to the low $2s in early 2015.