US equities opened moderately higher, and it was enough to generate the usual quartet of index highs (sp, dow, nas' comp', nyse comp'. With a new historic high of 2575.44, the equity bears are back to square one. Clearly, the market remains overdue a cooling wave, but until we take out yesterday morning's low of 2547, the bears can't have any confidence.
With equities breaking new highs, volatility was naturally subdued, with the VIX settling the week in the upper 9s. A burst to the mid teens remains highly probable, and looks viable next Wed/Thursday.
As for 2683: sp'monthly6b
Today's close brings my year end target within just 4.2%. Even to me, its pretty incredible to see, as we've two full months left of the year. You know we're currently headed for 3k by mid 2018, right?
|Just another bullish week|
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
*the weekend post will appear Sat'12pm, and will detail the US weekly indexes.
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