12pm update - bears being ground down

Equities claw back higher.. with a new cycle high of sp'2051. There is notable strength in the Dow, partly due to Disney in historic territory, +8% in the $101. Gold is holding minor gains of $2. Oil remains -4.0% on higher than expected inventories.


sp'60min

Dow, daily

Summary

It is entirely possible this nonsense just keeps on climbing into the weekend. There will of course be some stiff resistance around the upper daily bollinger - currently @ sp'2071.

Frankly.. this looks a bad situation for those still holding short. If the Friday jobs data comes in at least 'reasonable', market has a real chance of a weekly close in the 2070s.. which would make for one hell of a spike floor/turn weekly candle.

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VIX update from Mr S... aka.. the Godfather


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time for lunch.... back at 2pm :)

11am update - minor retrace

US equities have seen a minor retrace to sp'2039, which might well be as low as we go today. In any case... a day or two of minor chop/weakness is understandable after the powerful ramp from the spike floor of 1980. Oil is helping to pressure equities, sharply lower by -4.2% after an inventory build of 6.3 million barrels.


sp'60min

Summary

Moderate weakness.... certainly nothing for the equity bears to be overly excited about. Neither do I see the break under the 50dma as important.

Oil remains a problem for Mr Market... as the mainstream are currently desperate for prices to stabilise and 'gently' climb into the summer. I find it hard to believe $43 is a floor, but if it is... then....

USO, weekly'2

I should note, I have LOW confidence that a key floor is currently in. If we see a closing weekly green candle.. then... maybe.

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Notable strength: DIS +7%, above the giant psy' level of $100. If there is one stock I can be confidently bullish about this year.. it is Disney... not least with Avengers'2 due in May.. and Star Wars'7 in December.

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time to shop... back soon

10am update - opening minor weakness

US equities open lower, but after the recent two day up swing of 70pts, even an intra drop of 10/15pts is almost irrelevant. Market looks set to make a play to break above key resistance @ sp'2064 by the Friday close. Metals are bouncing, Gold +$5, whilst Oil is cooling, -3.3%


sp'60min

Summary

I realise some will be tempted to launch a re-short after what has been a rather severe up wave from the Monday low of sp'1980.. but really... it seems pointless.

Market looks set to break 2064.. which will open up new historic highs.

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Notable strength... DIS, 5.5%, making a play for the giant $100 threshold (even ahead of my time line)

Bullish Ultron and Sith