Closing Brief

The market closes the week on a high, and is the highest close since 2007.  With the VIX back in the 13s, the market is back in a state of mild hysteria. Near term term trend - as suggested by the big monthly charts, would be somewhere in the sp'1490/1510 zone.


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Summary

Well, Monday morning's open of sp'1398 feels like some 'weeks ago', but suffice to say, I'm surprising content with how this week went.

We've seen pretty much a hyper-ramp after the relief of some form of fiscal cliff delay, but that will again rear up in Feb/March  - along with the debt ceiling.
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It looks like we'll proceed to sp'1490/1510...maybe even 1520/30 in February, with a VIX in the 12/10 zone.

Talk about a deluded market.

Have a good weekend

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*there will be a weekend posting, late Saturday, probably on the world index monthly cycles