sp'60min
Summary
*Closing hour action: further chop... with a nano down wave.. but broadly... nothing for the bears to be getting excited about.
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With a clear break above the 2K threshold.. along with the 50dma... a rather strong day for the bulls.
Market is set for another net weekly gain.... and onward to 2040/60.... where the bears last line of defence is... the 200dma.
Really, for me.. that is the only thing that matters now.
Either the market sees an epic FAIL within the next few weeks - on the order of importance of late 2007/early 2008.. or.... we keep on pushing... and don't stop.
.. for now.. I'm guessing we do fail in the 2040/60 zone.. but that is arguably 'hope' on my part.. rather than anything grounded in time machine/fortune telling.
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Awaiting AA earnings..............
4.09pm... lousy earnings... 7 cents vs 13exp....
Nothing good.. and market has knocked the stock -3% or so. Certainly.. not apocalyptic... but it sure ain't pretty either.
Ohh but look..
The Cramer is trying to sweet talk the Alcoa CEO.... as expected.
I actually like Alcoa (I've a high respect for companies that actually make real stuff).. but clearly.. AA seems a stupid long trade in the short/mid term, so long as commodities remain broadly weak... and there ain't no sign of higher prices for many... many months.
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more later... on the VIX