Wednesday 19 February 2014

Weekly charts remain strong

A choppy start to a shortened week, but the sp'500 still managed a small gain of 0.1%. Weekly charts are offering near term upside to the 1865/75 zone, with a grander target of 1880/1920 by mid/late March - when QE-taper'3 will probably be announced at the FOMC of March'19.


sp'weekly8


Summary

So, a moderately higher Tuesday close for the sp'500, and we remain within easy range of breaking into new historic territory.
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Oil breaking higher on geo-political concerns?

It could be argued for pages, but many are starting to agree that Oil is getting pushed higher by the growing civil unrest in a great many countries.

WTIC, weekly


Today's break to $103 was kinda significant, and bodes for at least 105/07 in the next few days. Things really only get interesting though if we get a few daily closes >$110.


Looking ahead

Wednesday has Producer prices and housing starts. However, more importantly, there is the latest Fed minutes - due 2pm. There are two fed officials on the loose, and as ever..any comments they make might nudge the market.

*next sig' QE is not until Thursday
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A pretty tedious day to start the week. I'm tired, is it the weekend yet?

Goodnight from London