US equity indexes saw rather significant net weekly gains, with the sp +36pts (1.8%), settling at 2072. The Nasdaq comp', climbed 141pts, almost 3% to 4914. The current situation is now extremely borderline, as the bulls are within striking distance of a massive breakout above the summer 2015 highs.
Nasdaq comp' weekly
Suffice to add, the sixth net weekly gain of the last seven trading weeks.
The bears have been teased a few times across the past two weeks, and there is yet to be any sustained/significant downside.
With the late Dec'2015 high of 2081 just 9pts (0.4%) away, unless there is some spooky weekend news, it would seem the bulls will (at the very least) test that key high.
Market chatter from Schiff
For the Oscar Carboni fans (or otherwise).... consider this...
In theory, the 'failed head test' would remain intact so long as the Nov'2015 high of 2116 (the Dow equiv' is 17977) is not broken above, but that is likely well above what most equity bears would still be willing to hold short... myself included.
Goodnight from London
*the weekend post will be on the world monthly indexes