With the sp' hitting 1741 - a level that many analysts thought 'somewhat possible by year end', we're set for some price chop to wrap up the week. Metals are weak, Oil is weak, but battling to hold moderate gains. VIX looks set to close the week in the low 12s..possibly even the 11s.
It remains tiresome to many, but hey..we're not going down... ALL cycles are bullish.
What is even more laughable is the notion that even if the Fed taper QE - the originally suggested 10-15bn next spring (the new target date for many), what does it matter? The Fed would still be printing 700/800bn a year..most of it funnelling into equities. Where else do you think that amount of money is going to go?
Ohh, but there are still some dismissive of QE as affecting the equity market.
Today is a full moon..the 'hunters moon'. It may be appropriate to throw out some new charts later today. I'm sure some of them might amuse a few of you.