12pm update - normal service continues

Despite increasing concern over Greece... US equities have resumed higher, breaking a new historic high of sp'2102. VIX is reflecting an incredibly confident... and largely subdued market, -2% in the low 15s. Metals remain weak, Gold -$1. Oil has managed another crazy intra ramp... from -4%....  back to flat.


sp'60min

USO, daily

Summary

*a pretty damn strong reversal on Oil, which now looks set to turn positive this afternoon. Overall price structure from early Feb could be argued as a bull flag. Regardless, underlying issues of supply have in no way been addressed. A break <$43 still looks due.
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As for equities... I'm aware some are seeking a brief move to 2110/20s.. before the next opportunity of a retrace.

Best guess... I'm still seeking a test of the 50dma.. next week that will be around sp'2050.

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VIX update from Mr T. (due)

*seemingly not appearing either today. VIX trading so dull, no appearence?

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time for tea... back at 2pm