11am update - fractional new high

The Nasdaq broke a new post 2009 high yesterday.. this has now been reflected in the sp'500, hitting a new historic high of 2093.65, a mere (but important) 0.1pts above the late Dec' high. VIX slipped to 14.79 in early trading, but is currently making a move to break declining resistance... which at the Friday close will be around 16.00.


sp'60min

VIX'60min

Summary

Suffice to say... I am holding no significant hope that the Greeks will stand up for themselves. Instead, we'll surely see a 'kick the can' agreement next Monday.

That will offer the equity bulls a straight gap into the sp'2100s next week. It is notable that the monthly cycle is offering 2150s in the immediate term.. although weekly cycles will restrict that level until early March.

*I have a dead stop on my legacy VIX position @ 14.80... will look to raise that today (if possible) and close out for the weekend. Seems little point in holding beyond that.

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time to shop... back soon