Regardless of how the rest of November trades, the October net gains are still not being taken particularly seriously by even the cheerleaders on clown finance TV. Yet that was similarly the case in Oct'2011. Broadly, the market looks set to break new highs in some indexes (Dow, sp'500, Nasdaq) before year end.
I haven't been reading as widely as I tend to do. What I do see though continues to bemuse me.
After a monstrous Oct' net gain in ALL US (and most world) equity indexes, I still see a lot of bearish chatter. How can that be, after one of the biggest net monthly gains we have EVER seen?
Has almost everyone forgotten what sentiment was like in Oct/Nov 2011? Remember how the bears were screaming for renewed weakness... only for the market to push upward.. and keep pushing for the better part of almost FOUR YEARS.
I can't be the only one out there wondering (or should that be fearing) the Oct' 2015 candle as an extraordinarily clear signal that the market has seen a washout.. and we're broadly headed higher into late spring 2016.
re: weekly. A net weekly decline looks highly probable. The only issue is whether we close above.. or a little below the 200dma (sp'2063). Secondary target of the 2020s certainly is out of range until next week.
Wed' will see... nothing. US banks are closed.. but market is open.
*the usual EIA oil report will be delayed until Thursday.
Goodnight from London