11am update - holding gains

US equity indexes are holding moderate gains, with the sp'500 having hit a new cycle high of 2050. The second market leader - R2K, has battled to 1101, and it is notable that the 200dma is still almost 5% higher. VIX remains very subdued in the low 14s.. a weekly close in the 13s looks probable.


sp'daily

R2K, daily

Summary

Little to add.

For the moment, the trend remains to the upside.

WTIC Oil looks set for the $44/45s next week, and that surely means the broader market will push at least another 0.5-1.5% higher.

Clearly, this is getting beyond stretched, but for the moment, I'm still holding off.
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notable strength: BAC, +2.8%.. although broadly, the financials remain struggling... not least as rates look increasingly under downward pressure.

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back at 12pm