It was another day for the equity bulls, with a new cycle high of sp'1993, and VIX hitting the low 16s. It still seems entirely natural for the market to have the better part of a further two weeks of upside to the 2020/40 zone, before the current multi-week up wave concludes.
We're set for a third consecutive net weekly gain, having climbed from sp'1810.
re: weekly8f: I realise many will disagree, and suggest we are earlier in the 2007/08 pattern than what I believe.
However, what most should agree on, we are forming a series of lower highs and lower lows, since the May 2015 peak of sp'2134.
For me, a March close above the 10MA (currently @ 2012) would negate the broader bearish outlook.
Friday will see the latest monthly jobs data. Market is expecting net job gains of 190k, with a static headline jobless rate of 4.9%. That does not seem overly optimistic. Arguably, a number in the 200/225k range would be seen as 'Goldilocks'.
*Fed official Kaplan is on the loose at 1pm.
Goodnight from London