3pm update - net weekly gains

The sp'500 - along with the Dow, NYSE comp', and Nasdaq comp', are set for the third consecutive net weekly gain. There remains notable weakness in the two leaders - Trans/R2K. Oil is battling for a 1% net daily gain... in the $47s.


sp'weekly1b

USO'60min

Summary

Well, it has been another difficult week for those in bear land.

My 'white flag waving' in the sp'1960s doesn't seem so stupid now... and I'm seriously concerned we'll eventually break through the 200dma on all indexes.... and it sure doesn't have to be on the first attempt.

Say we get stuck 2050/60 around the next FOMC... then retrace to 1950 - a clear gap zone, and then push higher again in November.

Scary thoughts.

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back at the close... to wrap up the week