Friday, 7 June 2013

Closing Brief

The main indexes all closed higher, with the gains providing some good confirmation that sp'1598 was at least a short term low. The big issue for next week..and indeed all of June, will be can the market break the Bernanke 'reversal day' high of 1687.



Well, as I feared yesterday, we've seen a rather decisive ramp into the Friday close.

I wish this nonsense would unravel to 'fair value'...but no, it won't. QE continues, along with the mainstream delusion that 'everything is fine'. Until that changes, the broad trend remains...UP.

*I hold HEAVY long into next week, seeking sp'1650/60s.

Have a good weekend

*next main post, late Saturday, probably on the US monthly indexes