It would seem we have a short term cycle low of sp'1777, and we're now headed for somewhere in the 1815/25 zone into early December. Bears will probably manage a small wave lower in December, but the market still looks set to close 2013 in the sp'1800s.
A somewhat tiresome day...but as the weekly rainbow chart shows..we remain outright bullish.
There is nothing due tomorrow. The only thing to be mindful of, are a couple of Fed officials, whose comments (as ever) might give the market an excuse to build gains into the weekend.
*next sig' QE is next Monday
I will be looking to pick up another SLV-short block early tomorrow, preferably somewhere in the 19.35/45 zone.
That would suffice for an entry, with an immediate downside target in the 17s.
French banksters victory against leading blogger
This is something I just noticed this evening...
MISH fined 8000 Euro, re: 2011 comments on French bank leverage ratios.
It is well worth reading, along with the comments. I am not entirely surprised to see such a crazy story, and it should concern all those independent online publishers..not for the current cycle, but when the next collapse wave hits.
No doubt, national governments - in association with their (politically funding) banker class, will be on the case of anyone who dares suggest the 'system is at risk'.. or that 'leverage was a primary cause'.
Anyone still remember how a south American govt (Argentina?) wanted to fine/jail anyone who dared dispute the official inflation data? Oh well, maybe the US Federal Reserve and ECB will set up their own prison system for all the doomer bear chartists, in the early 2020s?
It would be the height of irony if we all end up in some 'Stalin-esque' mine, digging up the gold ;) *
Goodnight from London
*I could imagine worse though...it might be coal!