Baring any 'upset', the current trend is for sp'1600 by year end, with Oil probably $115/125 Great huh?
sp'60min
sp'daily5
Summary
Anyone short from yesterday is now seriously underwater. The underlying momentum is just so strong to the upside, its going to be VERY difficult just to break into the 1440s again.
My original first exit target of 1420 is still viable by the end of the month, but then what? Considering the monthly index charts, sp'1500s in October, frankly looks a given.
What is clear is that the Fed WILL print to oblivion, in which case...prices will just keep on rising, even if the US slipped into recession in Q4/Q1 2013. It just won't matter to the market, with the Fed further increasing purchases next Spring I'd guess.
Back at 12pm.