12pm update - on the way to the 1900s

Mr Market continues an inexorable slow and steady climb toward the sp'1900s, whether late Friday..or next week, it really makes no difference. Equity bears are simply powerless, as reflected in the VIX. Metals remain weak, Gold -$7.


sp'daily5

Summary

Suffice to say, we're broadly headed up.
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VIX update from Mr T



*I should note, I certainly like the idea of picking up a considerable VIX call block (Sept/Oct 20-25 strike), but not yet. I'd want to wait at least another 2-3 weeks, if not even early June.

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time for lunch :)

11am update - another push higher

It remains a market of minor chop, but the underlying upside is there for anyone to see. A daily close in the sp'1890s looks due today..or tomorrow. A weekly close in the 1895/1905 zone would really smite the bears. Metals remain weak, Gold -$9, Silver -1.4%


sp'daily5

Summary

Without getting lost in the minor noise, the broader upward trend most certainly continues.

There is next to zero power on the downside, and if the Market likes the monthly jobs data tomorrow morning, then we're set to close the week with new historic highs.
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Look to the Nasdaq....the threshold to close above is clear...

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*I am heavy long, esp' via the OilGas Drillers of DO, RIG, SDRL, My entry this morning was 'reasonable', but I sure didn't catch the lows.

10am update - minor opening chop

May has begun with some minor opening chop, but the underlying upward pressure is clearly still there. A daily close in the 1890s is viable today, but more likely tomorrow. Precious metals are weak, Gold -$9, Silver -1.2%.


sp'monthly

Summary

*most notable, upper bollinger on the big monthly, now offering the 1980s. However, weekly charts will be restrictive in May to the 1920/30s..at most (I estimate).
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**I picked up my 3 drilling stocks again, DO, RIG, and SDRL, will very likely hold into tomorrow, when I am seeking a more sig' push upward.
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Notable weakness: STX -3.8% in the $50.50s, I guess 'better than expected' earnings are just not good enough.


10.05am...minor weakness in the main market..we should get stuck around 1880/78. Could be a day of churn..before the next big move higher.

What is clear..there is NO power on the downside, and with FOMC and GDP out of the way, equity bulls have little to be concerned of..at least for another week or two.

Notable strength, momo stocks... FB, NFLX, TWTR..already building sig' gains.


10.26am.. market trying to bounce from 1878....

Much like the past few days..there just isn't much downside power.