Friday, 20 December 2013

11am update - the weekly chart tells the story

The market cruises to new highs..and a weekly close in the sp'1820s looks easily within reach. We have a very clear bullish engulfing candle on the weekly index charts, and this bodes for a good 3-5 weeks of further upside. Metals are continuing to bounce..but it is just that....a bounce.


GLD, daily


Wednesday was the turn.
Thursday was initial consolidation

...and today is just the trend resuming.

There is ZERO reason why the bulls can't manage gains into mid/late January..and by then..even the sp'1900s are viable.