Thursday, 14 November 2013

Closing Brief

Many of the main indexes closed at new highs, with the sp +8pts @ 1790. The two leaders - Trans/R2K, closed +0.3% and -0.1% respectively. Near term outlook is bullish, with a weekly close in the sp'1800s possible. VIX reflects an utterly fearless market in the 12s.


sp'60min


Summary

Another day for the bull maniacs.

If the micro-count on the hourly chart (which is based on my weekly8 chart) is correct, then we'll see 1800s...and some kind of very minor down wave in early December.

I realise to many out there, it still seems out of range, but the sp'2000s are very much viable by late spring. That is plenty of time, and allows for a few minor pull backs 2-5% along the way.

For those still shorting the indexes...I can only suggest...go stare at a monthly index chart for the rest of the evening.
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more later..on the VIX