US equity indexes closed significantly higher, SPX +65pts (1.4%) at 4791. Nasdaq comp’ +1.4%. Dow +1.0%. The Transports settled +1.2%. R2K +1.0%.
sp’60min
Summary
closing hour action: minor chop, but leaning upward to break yet another new hist’ high. S/t momentum continued to weaken, set to turn negative on Tuesday.
–
… and that concludes Monday. It was a very bullish start to the week, with a new historic high. The s/t cyclical setup favours some cooling. Most bearish case is the 4720/4700 zone. From there… we should resume upward, as sp’5K looks viable late Jan/early Feb’.
–
notable bond ETF: TLT
Bonds a little choppy, as yields cooled back a bit.
–
notable bank: BAC
Banks seeing positive leaning chop. I hold, seeking psy’ $50 within 1-2 months. A grander target is 70/75.
–
notable energy: MRO
Marathon higher with the sector, and really helped via WTIC $75s. I sold a little today… just looking to raise cash for something else.
–
A welcome glimpse of sunshine… but that was some six hours ago.
Have a good evening
–
more later on the VIX and Indexes by 6pm EST