sp'daily5
Summary
SP'1600 now looks a considerable way down from here. Anyone think we can fall more than 4% whilst QE continues?
It sure didn't work out well in mid April for the bears, and there is no reason to expect any different in the near term.
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Its been a tough week, and I don't expect next week to be any easier.
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3.20pm.. R2K @ 995.... can it hit the 1000 ? I'd guess no, but there must be a lot of short-stops from here until 1005 or so.
An r2K weekly close in the 1000s would arguably the ultimate smack down for the bears to conclude the week.
3.34pm.. sp'1666...1000pts from the March'2009 low....50 months ago.
3.44pm. Tranny +1.2% in the mid 6500s.. very strong...another 650pts to go, which probably equates to sp'1750/1800 - somewhere in that kinda area.