Monday 16 December 2013

11am update - QE fuelled week

Regardless of the minor noise across the rest of today, equity bears need to be mindful of a market that will see very heavy QE, especially this Thur/Friday. Metals are trying to rally, Gold +$5, whilst Oil is build gains of 1.2%. VIX is holding largely flat..no doubt due to the certainty of the FOMC.


sp'60min


Summary

*no surprise to see the market get stuck in the low 1790s, where there is obvious upper bol' resistance on the hourly cycle.

However, we have the cycles putting in a clear turn..to the upside. I realise some will be touting a full reversal lower..with a slightly red close, but that doesn't look at all viable.
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Notable mover: STX, +2.6%, trying to break a new high.


Seagate is probably a $100 stock in 2015. Go check the balance sheet!


11.29am.. a little morning chop..but we're comfortably higher..and the 1772 low looks a strong floor for the rest of this month.

Baring a truly bizarre decision by the Fed to alter policy this Wednesday, there is zero reason why the market won't rally for the remainder of the year.

*metals gaining, Gold +$11, Silver +48 cents..2.5%... kinda interesting, but they remain old broken support.