12pm update - go stare at this for a few hours

US equities have seen a minor pull back from the earlier high of sp'2046, but there remains huge underlying strength.. having already ramped 74pts from the Tuesday close of 1972. VIX remains in cooling mode, -8% in the 17s. Oil remains weak, but above what is still very likely a key floor of $53.


R2K, daily

R2K, weekly

Summary

*yes, the R2K has a black-fail candle on the daily chart right now, but on this occasion, I am dismissing it.
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There remains a lot of bizarro talk out there, such 'ohh, its just a brief 2-3 rally.. before new lows into January'.

That is simply.............CRAZY TALK!

Go stare at the two R2K charts

The R2K is going to get a daily close in the 1190s.. whether today.. tomorrow.. or in Christmas week.

From there.. a move to new historic highs >1213 seems likely in January. A monthly close in the 1220s.. will clarify that the broader market is going to climb far.. far higher across 2015.
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VIX update from Mr T.


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time for tea.... back at 2pm