Trans'weekly3, rainbow
sp'monthly6c, hyper-bullish outlook
Summary
Its getting tiresome, not least for someone who posts on it each day, but the algo-bot melt is merely continuing, with no sign of it ending.
The 'hyper-bullish' charts
I guess some chartists would claim all sorts of 'Elliot wave' rule violations for the above monthly6c chart, but hey, its just a 'best guess', and I don't claim to be following the 'EW book' anyway.
I had a thought earlier, in that ALL price action during QE periods should be labelled as X waves. After all, the Fed has literally destroyed all natural price discovery when its throwing hundreds of billions at the financial markets, so perhaps all such waves should be merely be labelled 'X'. or 'M' for miscellaneous.
Ohh, and I'm not kidding about sp'2500s within 2-3 yrs. Hell, that would probably be a major under-estimate if the QE continues without pause into 2016.
Oil - warning of trouble, or just preparing to 'play catchup'?
First, consider the hourly and daily USO charts...
There is the EIA report tomorrow at 10.30am. I will look to go long USO, shortly after the report is out..especially if they whack Oil a little lower. Daily MACD cycle is ticking lower, but the weekly/monthly still look a little bullish.
Looking ahead
There is a fair little array of econ-data for Wednesday morning. So, if Mr Market wants to play the game of shaking out the weaker bulls, and sucking in the most naive of bears, look for an index floor around 11am or so.
There is big pomo of 5bn on Friday, which also happens to be opex, there is simply little likelihood of any significant downside in the near..or medium term.
Goodnight from London