US equity indexes closed broadly lower, sp -18pts @ 2249. The two leaders - Trans/R2K, both settled lower by -1.2%. VIX settled higher by 8.0% @ 12.95. Near term outlook offers further weakness to sp'2232/31, where there are multiple aspects of support.
Ohh the humanity! US equity indexes almost closed significantly lower today.
Seriously... some weakness was due, and we're seeing a little of it. With just two trading days left of the year, there are clearly some 'end year' trading issues, not least within the giant pension funds which are due some re-balancing.
VIX is reflecting a touch of market concern. At best though, if sp'2230s... VIX 14s. The key 20 threshold looks out of range for at least another month.
Looking ahead to 2017
Its that time of year again... where I'd like to hear YOUR outlook for the year ahead.
Primarily... what is your end 2017 target for the sp'500 ?
Secondary: ANY other issues you'd like to raise.. whether equity indexes or individual stocks, GDP, jobs, inflation, oil, gold/silver/copper, bonds. You can even highlight anything socio-political.
Recently... CBNC highlighted...
I remain inclined to broad upside for next year. Frankly, the 2400/500s seem a realistic target by next summer. I'll only turn provisonally bearish if we see a monthly close under the 10MA, and that will be in the 2200s by next spring. I'll post my outlook in early Jan', and its likely to be somewhere around 2700/800.
So.. what is YOUR outlook?
For those curious.. here are last years submissions: http://permabeardoomster.blogspot.co.uk/2016/01/the-outlook-for-2016.html I will post a review of those... in early January.
I'm not sure when I'll post your submissions up - along with my own, perhaps not until the weekend of Jan' 7/8.
In any case, I hope to hear from some of you out there. Submissions, preferably by end of this weekend please.
Goodnight from London