Wednesday, 13 November 2013

3pm update - a new daily closing high?

US equities have seen yet another instance (the 500th since 2009?) latter day recovery. The opening decline to sp'1760 is now almost 1% lower. Underlying pressure remains strongly to the upside, and it now looks like we'll have a straight run into the low 1800s by early December.



Hope of the 1730s can be thrown out, and anyone still touting <1700s in the near term should just...quit it!

Tomorrow will likely be even more problematic for the bears, as there is sig' QE. So, lets see if the bulls can manage a new daily closing high of 1776 or more.

Notable strength in: FB, TSLA, and even the TWTR nonsense.

FB needs to clear back into the 50s to really confirm this was a large bull flag. If yes..then target 57/62 by year end.

3.33pm...well, we're holding 1775..not that it matters. Bears haven't a hope of 1730s now...nor even 1760.

tomorrow..will be all about the Yellen monster. Great huh?

3.45pm.. Dow 15800s.  A target I've been talking about for some months.

This opens up year end (if not days)..and then 17k by late spring 2014..before an intermediate top. More on that later.