10am update - opening gains

US equities open broadly higher, with the sp' in the 2050s, within 0.5% of the 50/200 day MAs. Indeed, a year end close in the 2070/90 zone looks probable. The 2100 threshold appears out of range. Oil is helping give the market an extra kick, +2.3%, ahead of the latest EIA report.


sp'60min

USO'daily2

Summary

*note the daily MACD (blue bar histogram) on Oil - USO, set to turn positive cycle for the first time since early November. There looks to be upside of around 8-10% in the near term.

The 50dma and gap zone will likely halt the rally in mid/late January.
--

Equity bulls are getting some extra luck as Oil is set for a third consecutive gain.. and seemingly headed for the $40 threshold into early 2016.
-

time for a little sun... back soon
-

10.31am.  Oil inventories -5.9 million barrels... and that sure is helping oil, +3.1%.