Thursday, 21 May 2015

11am update - no downside power

US equities remain moderately mixed, but it remains a case that there is simply no downside power, with every minor down wave being bought. VIX reflects a market with ZERO fear of a GREXIT, -2.5% in the 12.50s. Metals remain moderately weak, Gold -$4. Oil continues to build sig gains, +2.9%.


sp'60min


Summary

Not much to add... except that underlying MACD (blue bar histogram) remains on the low side.. and is offering another up wave into the weekly close.

Weekly cycle will be offering the sp'2150s by end month..  and there are increasingly many other signs that the market will just keep on climbing across the summer.
 
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notable strength: BABA


Gap zone is set to be filled... and a probable move to the giant $100 threshold.
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notable weakness: Lumber Liquidators, -14% in the $21s.. as the CEO decides to just walk out the door.