A week for the bulls

US equities closed the week on a positive note, sp +9pts at 2439. The two leaders - Trans/R2K, settled higher by 0.5% and 0.7% respectively. VIX settled -1.4% at 9.75. Near term outlook offers a touch of cooling to the 2410s, but the 2450s seem a given by mid June... when the fed are set to raise rates.


sp'daily5

VIX'daily3

Summary

It was a week for the equity bulls, with a quartet of new index highs in the sp, nasdaq comp', nyse comp', and finally... the Dow.

There has been a lot of chatter in the murky corners of the internet, about how the Dow could not break a new high. That issue has been resolved, and all that is missing are the Trans and R2K. Those will follow.

sp'weekly

A net weekly gain of 23pts (0.9%). Note the underlying MACD (blue bar histogram) which has turned positive. In theory, there is another 'basic' upside of 3 or 4 weeks. Some of the hyper-bulls could justifiably look for a straight run to the sp'2500s by late July.

Goodnight from London
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*the weekend post will appear Sat'12pm EST, and will detail the world monthly indexes. It remains my most important post of the month.