Continuing Friday's rally.
Edging closer to a social mood peak all the while, Bloomberg reported on The $1 Million Bulletproof And Bombproof SUV. People feel bulletproof near social mood peaks and seek ways to express it. First they start putting yak butter in their coffee, then end up spending $1 million on an armored Mercedes G-Wagon as things get more euphoric. Wondering what's next.
Elsewhere, first Jack Ely of "Louie Louie" fame died. Then Grooveshark closed down. There is definitely a disturbance in The Force.
USD bouncing. Still have a Fib extension target at 93.16. JPY remarkably resilient -- so much for the 117s.
Yields were higher across the curve earlier and have since turned lower, prices higher. The charts of 2s - 30s look precarious, even after the potential bullish divergence of 2s.
WTI crude still not pulling away from the 23.6% retracement fast enough. NG still looks stronger. Neither show impressive OI figures, however.
Rallying nicely today, yet still mired in the 1180s.
Getting above 2091.11 on Friday was indeed the first order of business. Therefore the higher targets are still an option (2148.70, 2149.35, 2149.55). Wondering if the S&P's action is related to JPY's resilience, as the two have been highly correlated.
The tricky thing is that lower prices are still open, too, but it now appears that 2039.69 should hold. If prices do choose to roll over, I'm interested in the 2060-2080 area.