sp'daily5
VIX'daily3
Summary
Despite closing a touch weak, with a new historic high of sp'2185, it was really just another day for the equity bulls. Cyclically, there is threat of a moderate cooling to the 2170/65 zone in the near term, but still, the 2200s look due before month end.
Further, its notable that the Nasdaq comp' came within just 3pts of the July 2015 high of 5231. A monthly close in the 5300s is very viable, and that would be highly suggestive of the 6000s by late spring 2017.
VIX continues to reflect a market with zero concern. Certainly, the key 20 threshold looks out of range until at least after the Labor day holiday (Sept 5th).
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Oil continues to recover
WTIC, weekly
The fourth consecutive net daily gain for Oil, as the recent low of $39.19 is starting to fade away. Things only get interesting on a break >$45. Any closes >$50 will bode for an easy $60, and that will have sig' implications for the related energy stocks... and the broader market.
Goodnight from London