sp'weekly'8 - mid-term outlook
Summary
The rising weekly 10MA - currently 1763, is first key support. As we saw some months ago, even if that breaks...the market should be able to quickly whipsaw the market back higher.
Frankly, I see no reason to change the original outlook from early summer. Broad upside into late spring 2014...somewhere into the sp'1950/2050 zone.
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Looking ahead
There is the weekly jobless, factor orders, corp' profits, and the third reading for Q3 GDP. There are also two Fed officials on the loose, notably Fisher in the afternoon, and he might be enough to inspire the bulls if he doesn't mention the T word.
*next sig' QE is on Friday.
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I remain content in my latest RIG position, but am keeping a close eye on the precious metals. SLV is already a tempting re-short, but I'm going to give it some more time to get stuck in the 19s. Regardless, in the meantime, I will watch the main equity indexes, but I sure won't trade them!
Goodnight from London