Closing Brief

With no power on the bear side, the market recovered (if slowly) from morning declines, and closed at new historic highs. This was the sixth week higher for the US market, but things are very close to completing what is probably a sub fifth wave. Its almost time.


sp'60min

Summary

For the bears, another week of nonsense, even the closing hour was the typical little ramp;..as we've seen over a hundred times in the past four years.

I am holding to the original outlook. A key cycle turn next week, probably in the sp'1715/25 zone.

*Personally, I won't likely consider shorting the indexes until late Tuesday morning, after a rather large QE-pomo of $4-5bn has occurred.


Have a good weekend everyone!
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*next main post, late Saturday, probably on the World indexes