11am update - battling upward

US equities are building moderate gains, battling to break new cycle highs in the sp'2080s. Oil has seen a notable explosion to the upside, +4.7% in the $45s, as inventories 'only' rise by 3.4 million barrels. Gold is holding sig' gains of $14.


sp'daily5

USO'5min

Summary

*the explosion in Oil is no doubt largely due to short-covering. The underlying issue of over supply remains entirely unresolved.. as seen in this mornings 'better than expected' number.
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As for equities.. well, the higher we go before the FOMC.. the higher the risk of an afternoon reversal.

Equity bears should be looking for an FOMC spike... somewhere in the 2085/2100 zone.

Sustained action in the sp'2100s looks VERY unlikely in the current up wave from 1871.
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time for some sun... before its too late.