US indexes are comfortably holding the opening gains, with new historic highs for the Dow, SP, and Trans. R2K is showing significant strength, +1.5%. Precious metals have decisively broken, Gold -$25, with GLD losing the 122s....next support...115.
R2K, daily
Summary
*I'm tired..so..if I dissapear today...you know why.
Ohh, and yeah, if I'm not writing, I will pull everything offline..thats just how it is.
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The 4 spike floors which I was droning about across the last week or so..well, they sure played out as good warnings of a cyclical floor.
Primary upside target remains 1170/80..and we're only 2-3% away...seems a given next week.
US equities start the last week of May with another set of new historic highs. The R2K/Nasdaq are similarly pushing higher. Precious metals are weak, with Gold -$16. Any break <GLD 122 ( a mere $8 lower), will open the door to another $70 lower in spot gold prices.
sp'weekly8
GLD, daily
Summary
*yes yes, the VIX is higher, but 3% of 11 is NOTHING.
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Suffice to say, the upward push continues.
Candle'7 ..green, and upper bol' is offering 1920s tomorrow.
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I realise some might be shorting this, but considering the underlying momentum, this seems overly risky.
R2K is suggestive of 1170/80..which would likely equate to sp'1940/60 zone...minimum.
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Notable strength: drillers, DO, RIG, SDRL, not that I am involved with those anymore.
Good morning. Futures are set to open moderately higher, sp +6pts to 1906, with new historic highs for the Dow, SP, and Transports,. The R2K and Nasdaq are set to solidify their recovery rallies. Metals are weak, Gold -$10. VIX will likely open in the 10s.
sp'weekly8
Summary
*without getting lost in the minor noise...upper bol' on the weekly will likely jump to 1915 or so at the open. Certainly, 1920s will be viable within a day or so.
Perhaps a retrace/back test to 1900 later this week. Regardless, broader trend remains bullish, and May is set to close in favour of the bulls.
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Update from Mr Permabull
Oscar has again stepped right off into the land of delusion, not for his latest trading call (which I agree with) but in his jubilant attitude towards adjustable rate, and interest only mortgages.
Whether you like him or not - and I realise many do NOT, Oscar is not an idiot. Yet...here we are..with a 'smart trader'..who has completely learnt NOTHING from everything that happened pre 2008. I'm almost surprised he didn't come on out and start touting 'liar loans' as a good thing for the financial stocks.
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As for me today...well, I ain't getting involved. Tired of things. Tired of everything.
