Thursday, 27 August 2015

3pm update - a second day of strong gains

Regardless of any continued weakness into the close, US indexes are still set for the second consecutive significant net daily gain. The sp'1900 threshold looks set to hold until late Sept'.. as the market appears more than capable of battling broadly higher into the next FOMC (Thurs' Sept 17'th).




So.. we have a probable short term peak of sp'1989... 122pts (6.1%) above the Tuesday close.

Now its a case of how big a minor retrace of the initial wave higher we might see.

I'm guessing 1950s.. maybe the 40s.. .before resuming higher across next week.

I continue to have eyes on AAPL, but am not interested unless I see the $109s.... and that clearly is not going to happen today.

In any case... I'm content with things... on the sidelines.

3.06pm.. Its starting to get amusing.

The cheerleaders on clown finance TV are starting to get twitchy.

3.25pm... A hit of the 38% retrace...

Right now.. best guess.. 1940/35 11am.   I would be a buyer then.

3.33pm.. For the wave counters out there.. maybe an ABC retace?   With 1948 being A' wave floor...  C' wave tomorrow morning to 1940/35.

Its just a guess.... but looks 'reasonable'.

3.50pm.. Crazy action.. with a ramp from 1948 to 1981.... wild swings....