Closing Brief

US equities closed moderately higher, sp +5pts @ 2115 (new historic high 2117). The two leaders - Trans/R2K, settled higher by 0.4% and 0.2% respectively. Near term outlook offers a retrace to the 50dma... but for now.. price action offers zero sign such a retrace has even begun.


sp'60min

VIX'60min

Summary

*I'm tired... so this will be brief.
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Suffice to say... as the overly loud Mr Carboni might say... '.. a new high is a new high'.

Without question... this market is again displaying its underlying hyper-strength. Yes, there is resistance in the current sp'2110/20s...and on the monthly cycle in the 2150s.... but regardless... the market is grinding higher.

Even a retrace to the 50dma will do nothing to the short, mid, or long term upward trends.

Here is a thought.... we have another few hours of the Yellen tomorrow morning... gods help us all.

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A daily wrap at 8pm EST

3pm update - another day of new highs

Regardless of the exact close, it has been just another day for the equity bull maniacs, with a new historic high of sp'2116. VIX is confirming the move, -5% in the lowly 13s. Metals remain broadly weak, Gold -$2, with Silver -0.3%. The R2K is notably 'fractionally' weak.


sp'60min

R2K, daily

Summary

*there is a touch of weakness in the second market leader - the R2K, although like most indexes.. it broke a new high today. As can be seen on the daily chart, even a brief retrace to the 50dma (1190s) will do nothing to negate what has been an important few months.
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Little to add.

Price action remains tedious algo-bot melt... micro/nano pull backs... only to then grind higher again.

For now, until sp' back under 2100... this is no market for the bears to even be watching.
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Notable weakness, oil/gas drillers, RIG -1.8%, SDRL -3.4%, both effectively destroyed since last summer.
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back at the close.

2pm update - algo bot melt

Despite some minor chop, US equities remain a little higher, sp +4pts @ 2114. The VIX is confirming the relentless series of historic highs, -4% in the 13.80s. Metals remain weak, Gold -$4. Oil is cooling a little from earlier gains, +0.8%.


sp'60min

VIX'daily3

Summary

Its starting to get real tedious again.

Next issue for the market... Yellen part'2... tomorrow its the US congress.

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Notable strength, HD +3.9% in the $116s.. after good earnings.