12pm update - breaking resistance

Not surprisingly, US equity indexes have turned positive, and a short-stop cascade is in progress above broken resistance of sp'2111. New historic highs are viable this afternoon... with the sp'2130s a pretty easy target next week. Oil is building strong gains of 3.4%.


sp'60min

USO'60min

Summary

... things are progressing as expected.

Little else to say.
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VIX update from Mr T.


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time for tea.. or something

11am update - Oil is looking strong

Whilst equities are in the process of turning positive, there is notable strength in Oil, building strong gains of 2.7% in the $57s. The $60 threshold looks due... if not 67/75.. as early as July. With the USD -0.6%, metals are a little higher, Gold +$5.


sp'60min

USO'60min

Summary

*I am certainly bullish Oil, but am adverse to chasing it higher this morning.
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The USD is close to a decisive break of the upward trend from last May.... a break into the DXY 96s will clarify that 93/92s will be hit this summer.. perhaps even 90/87.

In any case... such a move will help Oil into the $70s... and that will really help energy stocks.. and the broader market.

This is no market to be shorting... is it?
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time for an early lunch

10am update - opening weakness

US equities open a little lower, but a latter day recovery again looks due. All US indexes look set to break new historic highs into May. Metals are seeing minor gains, Gold +$2. Oil is building early sig' gains of 1.3%.


sp'60min

Summary

*I exited TWTR-long at the open... it was an increasingly annoying trade...  will consider entering ahead of earnings (next Tuesday at the close).

Right now, I have eyes on Oil, but I ain't much interested in chasing the opening gap higher.
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So.. equities are lower, but really.. we know how this will likely end today.. right?
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notable weakness, BTU -3.9%.... breaking a new multi-year low in the $4.60s.

Another success story for the US Govt's 'war on coal'.