The meltup continues on yet another after-hour VIX dump.

continued for members…

Adjusting the Fibs for new highs…but, the downside targets/support is little changed.

Currencies are still slightly bearishly aligned, but the drops aren’t yet enough to ding stocks. In fact, DXY is slightly lower on lower interest rates. Oil/gas are both slipping again, with CL breaking down and RB testing its SMA200 again. It’s entirely possible TPTB prop up the market this entire week in anticipation of the debt ceiling deal passage. And, the Fed’s next rate decision could also start to exert its influence with the usual meltup. But, IMO, the extremely limited breadth argues for continuing caution.

Ed Yardeni has done some great research on breadth – well worth a read.  Just google Ed Yardeni Breadth of the S&P 500 and you’ll find a nice series of charts via a pdf download.

On another note, I have some medical tests this morning which could result in spending 48 hours in hospital for observation. If it does, I will endeavor to post as usual. But, schedules might be unavoidably altered.

GLTA.