Saturday 2 February 2013

Daily Index Cycle update

Yet again the main indexes managed to close at new highs. Most notable was the Dow, breaking the psy' level of 14k. The Nasdaq remains a real laggard, and is still yet to break above the highs from Sept'2012. Primary trend on all indexes is unquestionably bullish, with no sign of it ending.


IWM



Nasdaq Comp



Dow



SP'daily5



Trans


Summary

The daily..and weekly close of sp'1513 is yet another victory for those on the bullish side.

The accelerated trends are holding - as seen most clearly on the Transports. It would appear the pull back was complete after just two days of very minor falls for the broader market.
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Those hoping for a retracement are right back to the start..and now, from yet higher levels. The truly disturbing aspect is seeing the POMO February schedule. The  realisation that the Bernanke is going to throw another 45bn to the primary dealers...and some of it will (probably) funnel its way into bidding equity prices even higher.

Crazy times.

A little more later