FOMC Minutes are delayed one day so they will occur tomorrow. The Construction Spending and ISM Mfg pivot point is on tap at 10 AM. SPX blew thru 1444. The resistance above is 1444, 1446, 1447, 1451, 1453, 1457, 1460, 1461, 1465, 1465.77 (closing high for 2012), 1468 and 1472. VIX plummets over 10% now printing 15.59 creating continued bullishness as long as it stays under 16.50. It's all going the bulls way to start the year. SPX now testing 1457 R and has pierced up thru the upper BB at 1451 (see this morning's chart). Keystone exited the AMD trade, will take a loss on that one to start the new year. Will look to reenter, AMD should hit 3.50 in the weeks ahead, a cup and handle pattern may form, with the handle forming during January.
Note Added 1/2/13 at 10:01 AM: Construction Spending and ISM are in line or better. No reaction in the markets. The SPX is up 30 handles to 1457. VIX is 15.47. UTIL 466 and GTX 4958 are two key sector levels as identifed by Keystone's algo. GTX is at 4958 now. If GTX moves higher, the equity markets will remain at these elevated levels and move higher. If bearish, you do not want the GTX to move above 4958. Same theme occurs for UTIL 466.
Note Added 1/2/13 at 12:07 PM: VIX is 15.84, under 16.50, contributing bullishly to markets. GTX is 4928, under 4958, contributing bearishly to markets. UTIL is 460, under 466, contributing bearishly to markets. So the market bulls need to go thru GTX and UTIL to head higher. The bears need to push the VIX above 16.50, otherwise, they got nothing. SPX is at 1450. TICK printed +1100 at 11:30 AM-ish, at the 1452 level. Huge recovery in the TRIN from under 0.25 up thru the neutral 1.00 now favoring sellers at 1.14. The NYAD pumps out an obscene +2660 print today, uber euphoric bullishness. You have to go back to the August 2011 waterfall crash and the November 2011 sell off to see the NYAD spike that high. With the low VIX, the market bullishness is off the charts today.
Note Added 1/2/13 at 1:31 PM: GTX is 4928, under 4958, causing bearishness. UTIL is under 466 causing bearishness. VIX is 15.68, under 16.50, causing bullishness. One of these will flinch, perhaps not until tomorrow, and the broad indexes will follow that direction. There are no changes to these three parameters since this morning so markets travel sideways. Surprisingly, the volume run rate on the NYSE is at about 90% of a day's average volume. For a first day triple digit up day bull party, higher volume would be expected, but, volume may increase at the close.
Note Added 1/2/13 at 3:46 PM: The SPX came back up to match the highs from this morning at 1457. The 2-hour, one-hour, 30-minute, 15-minute, 10-minute and 5-minute charts are all moving into negative divergence right now with the new price high. There is no change to UTIL, VIX or GTX.
Note Added 1/2/13 at 4:01 PM: Huge up day today. SPX finishes at the highs over 1462. NYAD hits +2660 and closes at +2539; you do not see this often, uber bullish euphoria. VIX drops under 15 to print 14.66. The Dow Industrials are up over 300 points so the total two-day rally was about 460 points. Euro is under 1.32. The 10-year is 1.84% jumping higher at the open and flat lining all day. The TICK prints a +1400 number at the close today at the SPX highs for the day, more uber bullishness. The NYMO and CPC charts will be interesting this evening. The SPX closes sitting on top the strong 1460-1461 support mentioned this morning so the bulls really brought their A game today. 1468 and 1472 are the next strong resistance levels, 1465.77 is the closing high for 2012, and 1474.51 is the intraday high for 2012.
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