12pm update - short stop cascade

The Dow and sp'500 break marginal new historic highs, as a short-stop cascade appears underway. Equity bears are being slowly ground out of the market, and that looks set to continue into the next FOMC of June 17'th. USD is holding gains of 0.8% in the DXY 93.90s.


sp'daily5

Trans, daily

Summary

*Trans remains very weak, but still looks set to at least make an attempt at the 8800s later this week.
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Little to add.

There remains little reason that the equity bears have any hope until mid June. Even then.. the first move lower (whether late June.. or July/August).. won't likely be much.

For now.. this remains no market for bears... aside from a few rare exceptions like the following...

notable weakness, coal miners, BTU -7%, the trio of ACI, ANR, and WLT all look set to implode.

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VIX update from Mr T.


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time for lunch