12pm update - underlying upward pressure

It sure has been a choppy morning, but the underlying upward pressure should be clear to most. First soft target for the bull maniacs is sp'2117, which is easily within range before the weekend. With the USD -1.1% in the DXY 93.50s, the metals are holding strong gains, Gold +$21, with Silver +3.7%  


sp'daily5

GLD, daily

Summary

*Gold is clearly making a play to break multiple resistance, greatly helped by a very weak USD. If GLD can break/hold the 117s.. it'd bode for at least 120/21. As things are.. I'm still short... with eyes on the bigger picture for Gold $1000. I realise the gold bugs out there will roll their eyes at that target.
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So... a bit of a messy morning.. but still... we looked headed for new historic highs of sp'2130/40s.

Clearly though... there is some notable weakness in the 'old leader' - Transports, and until we see a weekly close in the 9300s, hyper-upside targets (10K +).. are doubtful before some sig' retrace.

notable strength: oil/gas drillers, RIG +2.9%, SDRL +3.9%... no doubt helped with Oil +1.1%.  See 'fair value' post for more on those two.
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VIX update from Mr T. 


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time for lunch, wine, and a Valium?