Tuesday, 29 December 2015

10am update - pushing for the FOMC high

US equities open broadly higher, with the sp'500 making a serious push to break above the FOMC high of 2076. A daily close in the 2080s would bode very bullish for the first half of January. Metals are holding minor gains, Gold +$2. Oil is strongly rebounding, +2.5% in the $37s... first target remains the $40 threshold.




The opening gains clearly negate yesterday's baby bull flag, and hopes of 2042/36 can be dropped.

Right now, there seems little point in considering any shorts until market is brushing against the monthly upper bollinger.. currently in the 2150s.

New historic highs look due in the 'headline indexes' - Dow, sp', Nasdaq,  whilst Trans/R2K are a long way from achieving that.

*Watching clown finance TV, its rather amusing to see how super bullish they are today. Yesterday they were in a particularly dowdy mood on fears of a net yearly decline.

time for some sun... back soon