Tuesday 19 February 2013

Closing Brief

A shortened trading week begins as expected, with another slow motion melt higher, aided by HFT algo-bots, fuelled (partly) by POMO $, and cheer leaded by the deluded maniacs on clown finance TV. This nonsense is likely to continue for some weeks, if not at least 2 more months.


Dow'60min



sp'60min



Trans'60min


Summary

New historic highs for the Trans and R2K (not shown).

Looks like a baby bull flag on the Dow hourly chart, although lately, they've been somewhat unreliable.

New high for the sp' @ 1530, a mere 46pts away from Oct'2007 high.


Nothing bearish, is there?

Even if we break the lower channel of sp'1520 (at the Wednesday close), downside is now almost certainly no lower than 1490.

It remains a disturbing market of near complete bullishness, with total complacency about everything.
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More later..on the VIX, Indexes, and the bigger picture into the late summer/autumn.