Good morning. Futures are moderately higher, sp +6pts, we're set to open at 1937. Metals are a touch weak, Gold -$1, whilst Oil is +0.3%. Equity bulls look set for at least another few days of gains, to the 1960s.
...welcome to another week.
First upside target for the equity bulls should the 50 day MA in the sp'1950s.
There will likely be strong resistance in the 1960s.
1970s remain key.. any daily closes there.. and it will be highly suggestive that the low 2000s will be hit in September.. completing the giant wave from Oct'2011.
*I am currently long, but will look for an exit in the 1950/60s within the next few days.
For those of you in a doomster mood...
Hunter with PCR...
Personally, I think PCR needs to take a few happy pills. He is one of the regular 'macro doomers' who has been doing the alternative media circuit for some years. Same old spiel every time... essentially, the 'we're all gonna die!' mantra.
As ever.. make of it....what you will.
Regardless of that nonsense..... good wishes for the trading week ahead!
9.35am.. R2K decisively breaks the down trend from 6 weeks ago..
we're headed higher.