Dow, monthly'2, rainbow
Summary
On a quiet day..lets take a look at a few miscellaneous bits and pieces...
Copper, monthly
Certainly..Copper seems stuck at the monthly 10MA. The big $3 threshold remains key. If that breaks, it bodes badly for the precious metals and mining stocks.
WTIC Oil, monthly'2, rainbow
Like the broader commodity index, Oil is weak. Many out there now seem open to Oil back in the mid 80s. A break below the June 2012 low of $77 seems very unlikely though.
US 10yr T-bill, monthly
A simple extrapolation of the previous multi-year cycle (interestingly) gives a target date of late 2015. I'd have to guess 10yr yields will rise to the 4s..perhaps 5s, before the next big turn.
BDI, monthly
If the main market 'broadly' rallies into late 2015/early 2016, I think the BDI might manage to claw to the 6000s. Certainly, the commodity bubble peak in the 12000s seems very unlikely.
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Looking ahead
There really isn't anything significant due tomorrow. The only aspect to be mindful of are a few Fed officials. Any comments from the printing maniacs might be enough to kick the market lower, not least if one of them dares mention the T word.
*the next sig' QE-pomo is not until Thursday.
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Still a chance of the sp'1730s
My downside target for the last two weeks has been the sp'1730s, and I still think there is a chance of that being hit. We're only talking about a brief 2% drop across 2-3 days, before the dip buyers would pile in again. I certainly don't think the downside is trade-able though.
I remain largely on the sidelines, with zero intention of shorting the indexes for some months. It was a quiet day indeed, tomorrow can only be more lively..yes?
Goodnight from London
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Video update from Mr Permabull...
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