A flat start to the US session but prices rallied into the close continuing up appearances. I am slightly concerned that we have come a long way very quickly, but we should also remember that price has been tossing back and forth within a tight range for several months. When the breakout comes it will, or should, be decent to unravel all that sideways energy. Our daily trend indicator has now turned bullish again and like the ASX, the weekly trend indicator has turned from Down to Flat, the first positive reading since October 2007. The top end of the recent 2-month trading range stands just above current levels at 956.0. The fact that markets seem unconcerned about earnings suggests its keen to move on. I can’t see any reasons to be bearish and I really don’t want to miss any upside if this market has bigger aspirations.
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