sp'60min
sp'daily5
sp'weekly8
Summary
So..here is how I see it...after reading around a little.
It would seem Mr Market is using the excuse that since Summers is perceived as less QE positive than Yellen (or anyone else out there)...that this is good news..and everything is risk-on again.
Bond yields look set to drop, along with the USD - at least to some moderate extent.
New historic highs ...urghh
It would look like we're going to break new historic highs for most of the main indexes at the Monday open. The cheer leaders on clown finance TV are going to be especially sickening to watch. Although maybe they'll squirm a bit if they can admit the market is rallying on 'no summers'.
In terms of price, weekly charts will be offering sp'1717/20 for Monday, although the daily charts will look real stretched once we open in the 1705/10 zone.
Another 'excuse' to ramp
Frankly, I despise this kind of market nonsense. It has been the bane for the bears for over four years now, and I'm still not used to it.
*As it is..I'm long the indexes, but will look to exit at the Monday open..and reassess. I do not particularly like the idea of holding any positions on Fed/FOMC day, so if I do exit Monday morning, I'll probably sit it out until early Thursday.
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Regardless...I can sympathise with all those short across the weekend, and who are now disgusted with how things look for Monday.
Goodnight from London