The near term in the indexes is a little tricky, not least with it being a holiday week. At best, equity bears have a chance at knocking the market 20/30pts lower, back to the sp'1770s..before renewed upside. Without question though, underlying pressure remains to the upside.
So..has sub'5 of 3 completed? I guess many will say yes to that.
As I will keep saying though, whilst the bigger weekly/monthly charts remain outright bullish, the market is arguably untradeable..from the short-side.
Attempts trying to guess..and capture such minor downside waves of 0.5..or even 1.5% are overly risky..vs. the general trend.
I sure won't be trying.
Notable weakness in RIG, which is approaching a very obvious gap zone.
My upside target remains the 70s..by end of Q2 ' 2014. I realise that is a pretty bold call, but then..it is highly under-valued on any basis, by at least 50%..to the main market.