The main indexes are continuing to see minor price chop, but with a touch of underlying weakness. The sp'500 looks set to slip into the afternoon, first target is 1825/24, but there is almost equal likelihood of a brief move to the fib' zone of 1820/18. Latter week significant upside is then expected.
*despite the index weakness, it is notable that the VIX is marginally red. I'd look for the VIX in the 12s later this week, but that is not a very bold call.
Not much to add. There is notable weakness in DRYS and TWTR.
I just noticed the first update of the year from Oscar
Not surprisingly he is bullish, but hey...so am I.
..and there is the break...sp'1828.....no reason why we won't just slowly slip into early Tuesday..before the first major QE-pomo of the year kicks in.
No doubt, a lot of bears are getting lost in hysteria..and will get nailed later this week. Oh well....Darwinism..I guess you could say.
11.20am.. sp'1824.. first target hit....and the fib zone of 1820/18...likely by late today/early Tuesday.
A weekly close in the 1850s...very viable. Bears...beware!
11.29am.. DRYS testing the big $4 threshold..an effective back test..after the break into the low $5s.
Upside to 6/7..seems viable from here..only issue is whether double digits, by late spring, when Mr Market should be around sp'1950/2050.