Friday 22 November 2013

3pm update - new highs to end the week

The main indexes are ending the week, having broken new historic highs in the Dow, SP'500, and the R2K. There little reason to believe the current trend will not broadly continue for the remainder of the year. Metals remain weak, despite a USD, -0.5%.


sp'daily5



Dow, daily


Summary

I would never consider myself particularly adept at this 'chart nonsense', yet, what does bemuse me, is how AFTER a clear break of a six month sideways trend - seen in the Dow, we have people calling for a new significant wave lower.

Seriously? Are they even looking at ANY charts spanning the past 6-12 months?
-

As I noted many months ago...any close >15800..opens up 16k..if not also 17k.

..and that remains the target for late spring 2014... Dow 17000s, which probably equate to R2K in the 1300s, and SP' in the 1950/2050 zone.

It is at that point..I will be looking for an intermediate top.
-


3.08pm.. It is Queen cheer leader - Maria Bartiromo's last day on clown finance TV' 2 today. She is moving to FOX business..a channel I can't even receive. The horror!

Are we off the lows of the day yet?
-

Metals look weak....I'll be looking for a significant gap lower at the Monday open. 


3.34pm...quiet chop to end the week. Regardless of the exact close...we've broken new index highs..and frankly, anyone touting anything bearish needs to be dismissed as plain crazy.

Even worse...if we see a major wave lower next year (as I still suspect), the uber-doomers are going to get their trading accounts nuked when the market rebounds in late 2014.

After all, you know Yellen wants to spin the money printers even faster >$100bn a month.