Friday, 10 July 2015

Closing Brief

US equity indexes closed the week with significant gains, sp +25pts @ 2076. The two leaders - Trans/R2K, settled higher by 1.8% and 1.4% respectively. Near term outlook is bullish into August, so long as the Greek banks reopen next week.. which should placate the angry populace for at least a few weeks.



... and a particularly roller coaster week comes to a close.

Frankly, I'm pretty burnt out... and I know many are dizzy after the price swings this week.

What should be clear... we have a double floor of sp'2044, which looks increasing secure... along with VIX maxing out at 20.05.

Best guess: broad upside into August, at least to the sp'2110/20s. Whether the market can see a mini blow off top.. somewhere in the 2150/2200 zone... difficult to say.

Considering the recent price action, new historic highs - even in the stronger sp'500/Dow, look difficult.

For the moment, I won't be short anything... and will merely take occasional minor long positions.

Thanks for the comments this week.. well.. most of them.
*the usual bits and pieces across the evening to wrap up the week