It is just another day in market land.. a touch of weakness in early morning, but with underlying strength.. being reflected in new highs in the R2K and the Nasdaq Comp'. VIX remains subdued in the mid 13s. Gold is holding moderate gains of $5. Oil remains very weak, -2.6% in the $49s.
*yeah... I'm somewhat late today, but then, where the hell is everyone else lately? It'd seem the algo-bot melt is killing the financial blogosphere.
So... its still a case of minor chop... but grinding broadly higher. The R2K sure isn't showing any sign of stopping. There is a touch of weakness in the Transports, but really.. its negligible.
Without question, until we're back under sp'2100, there is no clarity that a retrace is even underway. At best... it looks like bears might hit 2065/50 zone, but even that looks increasingly difficult next week.
Notable weakness, CHK -3.8% in the low $17s, continuing to fall after recent earnings.. target remains $12/10 zone by late summer.
VIX update from Mr S... aka the Godfather
time to shop.. back at 1pm