Friday 4 January 2013

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.


Dow



SP



Trans


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