Tuesday, 3 July 2012

Closing Brief

Well, that was exciting right?

The closing hourly index cycles...





I was watching clown channel earlier (I must be the only UK viewer they have), the headline was 'Bet on a QE3 summer?'. They had the audacity to spend almost an entire hour touting which stocks to buy in anticipation of QE3 later this summer. 

So, lets be clear, the cheer leading clown maniacs are still hyping it up...even AFTER a 105pt rally from the sp'1266 low. It remains laughable they somehow believe the Bernanke can do QE3 at these levels.

Meanwhile, the Rus'2000 small cap index (see IWM chart) continues to do its usual crazy nonsense. It generally tends to act like a 1.5x leveraged ETF of the SP'500. Were I only aware of this index, then yes, I'd be bullish right now. Yet, the NYSE composite (see previous post), and the Transports continue to warn of weakness on a multi-month basis.

*more later this evening, and a few bits and pieces across tomorrow.