Equity bears have experienced just another typical week, with four days of consistent minor weakness, only to conclude with a major jump higher. The weekly close of Dow 16020, Nasdaq Comp' 4062, and Sp'1805, made for another week that the bears should forget about.
*The Nasdaq remains notable, in that it remains within an accelerated channel.
BDI - back to Nov' 2010 levels
Just a short note on the Baltic Dry Index, which is presenting a pretty clear breakout, and what is effectively a multi month bull flag.
Upside for spring 2014 is the 3000/3500 zone. This is very bullish for the shippers - including DRYS, and it will be interesting to see how the BDI proceeds early next year.. My grander upside target for late 2015 are the 6000s.
Well, it has been a pretty interesting week...and I'll leave it at that.
Have a good weekend.
The weekend post (late Saturday) will be on the US monthly indexes
Video from Schiff, which features the doomer Dent
As with most things, there is a little bit of 'right' in both of them.
If the equity market rallies 'broadly' for another two years or so, I wonder if Dent will have the guile to still appear on clown finance TV, to proclaim his deflationary doom. Ironically, it might be when he stops doing TV appearances, that the equity market finally does unravel.