Saturday 6 September 2014

A fifth week for the bulls

US equities closed broadly higher for the fifth consecutive week, the sp'500 saw net weekly gains of 4pts (0.2%), settling at 2007. There looks to be upside of another 2% into FOMC/opex week.


sp'weekly8


Summary

It was a pretty tiresome week, and personally, I've found it difficult to stay balanced. There is an awful lot of bearish chatter out there (at least in the online blogosphere), and it is often hard to filter out.

Regardless, I am holding to the original upside target from early August... seeking sp'2030/50 zone, before the next multi-week down cycle.

As ever, the only issue in the next down wave... will it merely be another higher low, or can we at least get down to the 1925/00 zone? As things are, we won't have that answer until early/mid October.

Goodnight from London
-
*the weekend post will be on the US monthly indexes