Saturday, 18 August 2012

Another week over, moderate index gains

With no sell side volume, the algo-bots are in control of this market. The meltup...continues.

To close today, lets take a brief look at the sp'500 weekly index chart.

sp, weekly, 2yr


We're now just 4pts shy of the April peak of Sp'1422. It is a pretty astounding sight.

Double top? That is indeed something that many are now considering, although I think its a low probability outcome, especially when you consider that we still have both the infamous Bernanke @ Jackson Hole, and also the FOMC of Sept'13th.

It'd seem we'll test/break 1422 next week, and probably crawl higher to around 1450/75, no later than the end of September.

There remain so very many ticking economic time bombs out there, but for now..they all seem to have plenty of time left on the detonator clock.

Clearly, it was a difficult week for the bears. We all have a lot to consider across this weekend. Have a good weekend.

Goodnight from London