sp'weekly8
sp'monthly3
Summary
The weekly and monthly 'rainbow' index charts are both sporting green candles. There is simply nothing bearish, and the trend is very much to the upside.
Obviously, we're over-stretched on the daily/weekly cycles, but the market still looks set to grind higher into November. The sp'1800s will certainly surprise many, even the cheer leading maniacs on clown finance TV aren't yet touting the 1800s.
Yes, there are divergences,...yet price is what matters more than anything, and prices are still headed higher.
The top calling lunatics
I've certainly been whipsawed across the past few months, but even I can admit the current trend remains unquestionably to the upside. I find especially bizarre the sheer audacity of the remaining bearish posters who are calling yet another top...barely two weeks since the most recent rally began from sp'1646.
I guess I could reel off a long list of names. Hell, some of them are in the sidebar links list. I'll keep them there, if only as a reminder of who is 'lost in bearish hysteria'. Then there are the doomers over on Zerohedge. With 10-15 articles a day, detailing how everything is terrible, and the regular bitching about how the market didn't collapse that day because of QE, I'm way past tired of ZH.
It took me until December last year to realise that the ZH crowd had finally gone off the rails, when they were touting a 1% index drop as a 'bloodbath'. Naturally, a few trading days later, the Dow had climbed some 500pts. At what point will the ZH doomers capitulate? sp'2000 next spring? Or how about 4000, if Yellen decides to raise QE to $250bn a month, with the Fed outright buying the SPY?
No doubt, if I'm right about the broad US/world equity market upside into spring 2014, the coming months will see more of the bearish blogs/sites disappear, as trading accounts are zeroed out, or as some equity bears...simply walk away into the sunset.
Looking ahead
There really isn't much tomorrow. There aren't even any Fed people lurking out there.
*there is sig' QE-pomo of around $3bn...bears beware!
-
So, another day, with another set of new highs, and I have to assume we have a very long way upward yet to go. As many of you now recognise, the irony is that yours truly is now seeking much higher index levels into spring 2014. I will endeavour to be here...until this grand multi-year up cycle completes..and then the inevitable collapse..which as we all know will come....its just a question of when.
Goodnight from London
-
Video bonus - from Biderman, on US Govt' services
--