Friday, 5 July 2013

Closing Brief - bulls win again

The main indexes closed broadly higher, with the sp +16pts @ 1631. Near term trend is bullish, and even the weekly charts are turning back to the upside. High risk of further upside early next week, and if Bernanke doesn't upset the market, sp'1700s by early August.



So, the bulls end the week on a positive note, and generally, it was indeed an important week where they held the big sp'1600 level.

With this latest bear failure, the 1650/60s look an easy target for next week, and the only issue in my view is whether things simply melt higher across July.

So long as earnings come in reasonable, we'll just keep on climbing, not least with the ongoing QE-pomo program.

*I am back on the sidelines, after bailing this afternoon (from deeply underwater short-positions).

*bits and pieces to wrap up what has been a short..but bloody week for those on the bearish side.

Have a good weekend.

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