Tuesday, 13 May 2014

10am update - another set of new highs

US equities break new historic highs in the Dow/SP/Trans, and even the R2K/Nasdaq are continuing to climb. Metals remain a touch weak, Gold -$2. Equity bulls look set to 'hold the market together' for a few more weeks...probably getting stuck in the 1920/50s.



So...the sp'1900s..a level many thought impossible.

To be clear, I do not think the 2000s are viable this side of the summer..or even this year.

As many recognise, there are HUGE divergences, seen most clearly on the giant monthly charts. 

*I remain on the sidelines (having exited all longs yesterday)..and I might be content to do nothing for some weeks..and merely await a big turn on the weekly cycles.

10.38am... not much to note really... market is merely in melt mode...bears getting ground down..as systematic stops are taken out.

sp'1905/10 looks a given..within near term.

1920s not really viable this week...but next...yes!