Friday 22 February 2013

Closing Brief

A pretty lousy end to the week for the bears, with most indexes closing moderately higher. We're a mere 1% away from the recent index highs. It has to be said, that anyone touting significant declines (<sp'1470) in the immediate term are out of their minds.


sp'60min


Summary

It looks like the few hours of intra-day churn was merely about forming a baby bull flag..and that was confirmed to some extent in the closing hour.

Baring a move under the Thursday low of 1497, the trend is clearly back on the bullish side.
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Next week will be all about the Bernanke.. If he is careful with his words, Mr Market should merely continue to melt higher. At worse..a brief decline to 1490/80.......and then 1550s..if not considerably higher.
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No hope of major declines until May, and even then..just how the hell are we going to decline whilst POMO continues?
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Have a good weekend

*next main post..late Saturday, probably on the US weekly cycles (again!).