The main indexes saw opening weakness again be negated by an afternoon rally. Once again, the Transports and the Rus'2000 closed at historic highs, with the sp' closing next to the upper channel line. Mid-term outlook remains bullish, with sp'1500s seemingly likely in February - even if we see a minor retracement into the sp'1440s.
Once again another day where we saw some moderate weakness in the morning, but as we moved into the afternoon....the recovery kicked in...and we closed moderately higher. Its getting somewhat predictable!
The week certainly closed well for the bullish maniacs, and sp'1485 is a level not many were expecting for this January opex.
We still have 8 trading days left of the month, and during that time, we could easily see a retracement down to the sp'1440s, with VIX back in the 16s..perhaps even 17/18.
The mid-term outlook remains unquestionably bullish. The big monthly charts are extremely strong now., lead by the Trans/R2K.
Thats it for today....have a great weekend!
*next posting will be late Saturday, very likely on the US weekly index charts.
..and don't forget..we're closed Monday!
Goodnight from a snow covered London city.