2pm update - fractional new cycle highs

With the equity bears remaining powerless, the market continues to lean on the upside, with fractional new cycle highs in most indexes. VIX remains very subdued in the low 14s. Oil is +0.4% in the $41s, and that is no doubt helping to prop up broader market sentiment.


sp'daily5

VIX'daily3

Summary

Little to add, on what is a very quiet day.

For the moment, I see absolutely zero reason for equity bears to be involved. Conversely, equity bulls should surely be raising their stops as the market uses up another day in this cycle.... and this cycle won't last forever.
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notable weakness... TVIX, -7% @ $5.05...   the earlier 'rogue print' of $4.50s remains 'curious'. For now, I'll leave it at that.