Friday 8 March 2013

3pm update - closing hour..tedium

Low volume algo-bot melt continues. A close in the sp'1550s looks likely..and that opens up a little last-gasp climb to the 1560s next week. The monthly charts offer 1570, but that will be difficult...as the weekly cycle already looks toppy.


sp'60min


Summary

A long week, but its gone broadly as expected..and its always good to at least see an outlook work out.

In fact, many chartists correctly have been seeking this fifth minor wave higher.

Not that the mainstream...not least CNBC have the slightest clue. I can only imagine their horror if we are trading back in the low 1400s by May.

They'll be screaming for increased monthly Fed purchases!
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*doesn't look like SLV will do much in the closing hour. I will close the week..very pleased...and holding no positions over the weekend.

back at the close.