US equities closed moderately higher, sp +5pts @ 2109 (intra high 2116). The two leaders - Trans/R2K, settled -0.4% and +0.4% respectively. Near term outlook remains for a retrace, but with each extra point higher, the downside target is raised. First soft target is the 200dma in the 2060s, with secondary in the 2025/20 zone.
*closing hour, a touch of weakness, but still, a new high is a new high
I have to wonder just what some of the doomer bears are looking at. I'm well aware of some of the wave counts/theories out there.. calling for some kind of 'test of the Aug' lows'.. but really... didn't we test the lows in Sept'.. with a marginally higher low for the sp'500 ?
At best.. a retrace is going to maybe test the 50dma... 2020s.. by Nov' opex. The notion of sustained action under the sp'2K threshold seems.. ludicrous.
I realise some of you out there will get riled up at that.. but that is how I see it.
*more later... on the VIX
awaiting earnings from TSLA
4.16pm.. TSLA earnings (or lack of)... lousy 58 cent loss. Rev. , marginal miss.
Stock has been swinging wildly from $202 to $230.
Conf' call expected.. if that fails to inspired.. could open in the 210/200 zone.