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