This might seem a brave call to make but with breadth across indices still strong, investors still pessimistic and ongoing moves higher underway in other key markets, the evidence seems to point to more gains.
One point to note is that strength was led by the small caps, typically a good indication of risk appetite. In London the FTSE small cap index rose 3.2%, versus a 0.9% gain for the heavyweight FTSE 100. In New York, it was the Russell 2000 that strode ahead, up 4.3% compared to 2.7% for the S&P 500. Usually these lead the way, either higher, or lower, so for now the buyers are back in charge.
It was another good week for oil, with US light crude back above $36 for the first time since the beginning of January. The rising trend of the past few weeks remains intact: