12pm update - same old nonsense

Once again it has been a case of opening minor chop.. only to see the market resume higher. The sp'500 could break a new historic high for the fourth consecutive day. Metals remain weak, Gold -$5, whilst Oil continues to build powerful gains of 3.5%.


sp'60min

Summary

Little to add.. on what is just another day for the equity bulls... price action simply doesn't offer any real hope to the bears until at least mid June.

notable strength: BABA +3.3%.. as the momo chasers are starting to appear in force.

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VIX update from Mr T.



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time for lunch :)

11am update - no downside power

US equities remain moderately mixed, but it remains a case that there is simply no downside power, with every minor down wave being bought. VIX reflects a market with ZERO fear of a GREXIT, -2.5% in the 12.50s. Metals remain moderately weak, Gold -$4. Oil continues to build sig gains, +2.9%.


sp'60min

Summary

Not much to add... except that underlying MACD (blue bar histogram) remains on the low side.. and is offering another up wave into the weekly close.

Weekly cycle will be offering the sp'2150s by end month..  and there are increasingly many other signs that the market will just keep on climbing across the summer.
 
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notable strength: BABA

Gap zone is set to be filled... and a probable move to the giant $100 threshold.
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notable weakness: Lumber Liquidators, -14% in the $21s.. as the CEO decides to just walk out the door.

10am update - opening chop

US equities open moderately mixed, with an early low of sp'2122. USD is battling to turn positive, and that is pressuring Gold, -$5. Oil is building sig' gains of 2.1%.. back above the $60 threshold.


sp'60min

GLD, daily

Summary

*the early declines in Gold are interesting, and I would like to see the $1200 threshold closed under today.
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Another relatively quiet open... although still econ-data to come...

PMI manu'  53.8.. vs 54.6...  yet another weak data point.

Existing home sales 5.04 million... well below market exp'.
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Equities remain in minor chop mode. Hourly cycles favour another wave higher... rather than some pre-holiday washout.