12pm update - bears being ground down

Equities claw back higher.. with a new cycle high of sp'2051. There is notable strength in the Dow, partly due to Disney in historic territory, +8% in the $101. Gold is holding minor gains of $2. Oil remains -4.0% on higher than expected inventories.


sp'60min

Dow, daily

Summary

It is entirely possible this nonsense just keeps on climbing into the weekend. There will of course be some stiff resistance around the upper daily bollinger - currently @ sp'2071.

Frankly.. this looks a bad situation for those still holding short. If the Friday jobs data comes in at least 'reasonable', market has a real chance of a weekly close in the 2070s.. which would make for one hell of a spike floor/turn weekly candle.

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VIX update from Mr S... aka.. the Godfather


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time for lunch.... back at 2pm :)