Friday 11 October 2013

1pm update - weekly charts with a clear spike floor

The main indexes continue to see follow through from yesterdays hyper-ramp. On the bigger weekly cycles, we have a pretty decisive spike-floor. A minimum of two weeks further upside seems likely. The remaining question is...then what?


sp'weekly


Summary

I could over-complicate it, but really. what is there to say?

We have a very clear spike on the weekly candle...on channel/trend support. Based on previous cycles..we should get at least a few more weeks to the upside.

*The 'Deflationland' target of sp'1750 looks right on track for late Oct/early Nov.

On any basis, that would make for a far better level to launch a re-short..if conditions look toppy.
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Video update from Biderman



*Indeed, the shutdown was always a minor issue, and the interest payments can easily be paid.

The politicians have just been playing mind/fear games with the ignorant masses again. 
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You can see a daily reversal candle on Oil.



*I am long from 36.50..looking for an exit in the mid 37s next Mon/Tuesday.