Closing Brief

US equities closed somewhat subdued, sp -2pts @ 1909. There were new historic highs for the Trans/SP'500 of 8102 and 1914 respectively. Near term outlook still offers a minor retrace - if on the excuse of 'weak' GDP.


sp'60min

Summary

*fractional weakness into the close, maybe a few were cashing out ahead of tomorrows GDP (second) reading.
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It was just another day in market land. New highs for the 'old leader', and even though there was some moderate weakness in the R2K across the day, the retrace was very minor - considering the recent gains of almost 6%.

Bigger picture remains the same...multi-week up wave from sp'1814..just keeps on going.
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*I remain on the sidelines, with zero intention of picking up any shorts for probably some weeks.
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more later..on the VIX

3pm update - quiet end to the day

US equities look set to trade quietly into the close. For some indexes, it will be the fifth day of consecutive gains, the rest...merely a touch lower. Notable strength in the Transports @ 8096. Metals remain weak, Gold -$7. VIX looks set for another close in the 11s.


sp'daily5

Summary

Sure, the daily charts are getting a little stretched, but hey...there is QE-pomo tomorrow of $3bn or so....and that will be enough to at least keep the sp'1900s into the weekend.
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Notable strength, TWTR, +9%.

The momo chasers are back..at least selectively.
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3.32pm... minor churn...and the TSLA/momo shorts are getting nuked...as it is now +10.4%..and looking set for much higher levels into June.

VIX in danger of closing red..although in the scheme of things, VIX is now meaningless at these levels.

2pm update - new highs....again

The underlying upward pressure is probably starting to surprise even the most bullish of bull maniacs. Weekly charts are offering the sp'1920/25 zone next week, which should equate to VIX 10s. Metals continue to struggle, Gold -$5


sp'weekly8

Summary

Little to add right now.

Even the upside is starting to surprise me, although there remains weakness in the R2K
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