Copper tanks today, JJC is under 46, and the equity markets move higher. Figure that one out. The Fed pumping keeps floating markets higher. UTIL exploded to the upside helping the bulls today, now at 476-ish well above 468. The 8 MA moved above the 34 MA on the SPX 30-minute chart so that put the bulls back in the drivers seat. GOOG hits 800 but the weekly chart has a nasty negative divergence setup similar to when the AAPL 705 top occurred.
The SPX punched through 1524.69 creating a new high so an upside acceleration occurred to test 1528 resistance and potentially move to test 1531. A new intraday high occurs at 1528.17. The SPX is fighting the 1528 resistance right now. The 10-year yield sits at 2% not willing to choose a side. The euro is elevated today helping bulls.
Note Added 2/19/13 at 12:26 PM: Copper now drops 9 handles which is down 2.4% today, wowza. But the wine is flowing like water in the equity markets. Perhaps no one realizes that housing and auto's are the two biggest users of copper, the key building blocks of the economy, and about 40 pounds of copper goes into each car? WTIC oil is 95.72 remaining above that critical 95.50 support level. Gasoline prices run higher as well but no one is worried about that either. Don't worry, be happy.
Note Added 2/19/13 at 1:08 PM: JJC 45.99. TRIN is 0.85 so the bears do not have a chance unless the TRIN climbs back towards 1.00 and higher. SPX is testing 1528 R again, and the high for the year at 1528.17.
Note Added 2/19/13 at 2:42 PM: SPX continues to punch out new highs, moving through 1528 R so 1531 is on tap next. SPX is currently printing 1530.21. TRIN is 0.91 continuing to favor bulls. VIX is down one percent to 12.30 continuing to place its base. The VIX did not turn negative today until forty-five minutes ago which occurred in concert with the SPX spiking higher. At market tops, the VIX not moving down substantially for such a strong up market day is a bearish indication, however, the bulls rectified the situation for now, watch this into the closing bell. JJC is 46, bearish. UTIL is 476, bullish. The latest intraday high for 2013 is today's HOD at 1530.51 at 2:40 PM.
Note Added 2/19/13 at 3:31 PM: TRIN is 0.94 with the bears trying to push it higher but the clock is running out today. The SPX is at 1529. See if 1528 support holds through the close. VIX is 12.30. Oil is 96.66 helping the bulls today. Brent is flat. The 10-year yield is 2.03% favorable for the equity bulls today.
Note Added 2/19/13 at 4:01 PM: SPX has a new intraday and closing high for 2013 at the 1531 resistance. UTIL 467. JJC at 46. Volume is lackluster and should come under a days average volume expected; some folks remain on vacation. VIX closes at 12.30. The bulls continue to run higher. DELL and HLF earnings on tap. Lots of interesting things to look at tonight.
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