11am update - everything is awesome

The Nasdaq Composite has re-taken the giant 5K threshold... and it only took fifteen years! Clearly, everything is fine again, as the market is reflecting the underlying strength in the economy*. Metals have naturally lost their earlier gains, and are already a little lower. Oil has swung higher, now +1.9%


Nasdaq comp', monthly, 20yr

Summary

*in case you do not realise it... that opening was English sarcasm. In no way does this market reflect the reality, but then.. capital flows and fed policy are hugely over-riding natural price discovery
--

So.. Nasdaq 5K... and now its just a case of when 5132 will be broken through. For me... a monthly close in the 5200s will be key.
--


Equity bears need a daily close in the VIX above 14.0, to open the door to a minor equity retrace in the 2060s.

VIX'daily3

...but right now, that might have to wait for another day or two.
-

Notable weakness, momo stocks... TSLA -3.2% as the $200 threshold is lost.
--

time for an early lunch