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S&P showing more followthrough, as Financials start to participate

S&P has managed to stretch above yesterday's highs up above 2160, taking 11 trading day total to 9% from 1985 in futures to up to 2168-   BOE failing to cut rates didn't coincide with too much weakness and important to note that US Futures didn't rise because of BOE stimulus, so really shouldn't selloff on the lack of it-  Prices gave back about 12 handles from 5:55-7:15, and US Treasury yields have lifted back above 1.54 which exceeds Tuesday's yield highs, and while stretched near-term, is a good technical move which eventually should lead up to 1.67-8-    On a close today above 1.5288, this would lead to even higher yields in the short run, which combined with bullish JPM earnings, should be good for Financials.  USDJPY also has risen sharply today, growing close to resistance at 106 after moving up from 100 just four days ago-  Gold selling off further despite falling USD, while WTI Crude has recouped half of yesterday's loss.  Earnings positive surprises out of DAL, BLK, PGR and OMC- Early morning gains out of SUNW, CREE, TNDM, CY, YUM, QIHU, WLL, DVN, and JPY while on downside- CDE, MUX , BRCD and SUM.   Important areas for S&P up above 2152 lies near 2168-71, and then 2180-5, having blasted above 2160-  On the downside, not much meaningful support until 2139-41, and then 2110 given the early strength-  Most would call this market Severely overbought, but important to note this applies purely to short-term and daily, weekly and monthly momentum is not overbought with RSI data in the mid 60s and only % of stocks trading above 10-day ma would suggest overbought conditions, having reached the mid-90s and now down under 90 despite price moving higher- Overall, gains should prove limited on a 3-5 trading day basis after this rise and wise to use this strength to sell into for trading and look to buy pullbacks into late next week-  Let me know if you have questions