sp'weekly8 - mid-term outlook
Summary
We've still not quite hit the next psy' level of 1700, but with the R2K in the 1050s, sp'1700s look a matter of 'when'..rather than 'if'. The only issue appears to be 'how many more weeks of this latest nonsense' are left?
Best guess...we max out in the 1710/20s, no later than early next week.
*I am looking for July'31st to be a key turn date, not least since its the next FOMC, and the first reading for Q2 GDP.
For the moment though...the near term trend remains to the upside. I am most certainly content to sit on the sidelines.
Looking ahead
There are a couple of minor pieces of housing data early tomorrow, but I don't think the market will take much notice.
*there is sig' QE-pomo of around $3bn, so...as ever...bears beware!
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Goodnight from London
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Video bonus...from sp500chart.com
*I have been following this video poster for some considerable time. He has an interesting perspective on the general equity market, and I think the weekend overviews are worth a look. Certainly, he is less bullish than Mr 'Europe will be joining the recovery' Carboni.