Daily Index Cycle update

Another day of new highs for many of the indexes, although there was a touch of weakness in the closing hour, with the sp' settling -1pt at 1805. Next week offers further upside, into the 1820/30s...no doubt helped by a very heavy amount of QE-pomo.


sp'daily5

Dow

Summary

There is little to add, near, mid, long term trends are all upward.

With heavy QE next week..equity bears haven't a hope.
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Closing update from Riley



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a little more later...

Volatility spikes into the weekend

With the main indexes seeing some closing hour weakness, the VIX spiked, settling +5.55% @ 13.70.    Across the week, the VIX gained 11.75%. Near term outlook is for the VIX to remain in the 11/15 zone. VIX 20s remain unlikely until late Jan'2014.


VIX'60min

VIX'daily3

VIX'weekly

Summary

Little to add.

VIX remains low..and set to remain that way until January.

Minor opportunity for a spike into the mid teens..but really. even that doesn't merit any serious attention.
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more later...on the indexes

Closing Brief

The main indexes broke another new set of historic highs, but closed a touch weak, with the sp -1pt @ 1805. The two leaders - Trans/R2K, closed -0.3% and +0.1% respectively. Next week is offering upside into the 1820/30s, and with heavy QE, equity bears don't have a hope.


sp'60min

Summary

For the bulls..just another day of gains. Certainly, the individual daily gains are nothing significant, but collectively, they sure do add up across the weeks and months. This is an amazing market to watch...and equity bears surely have another 4-6 months to wait.

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I generally try to refrain from any chat on societal issues..but..I think the following merits highlighting...

Black Friday at WMT.



I've no doubt the history/sociology students of the 29'th century will look back on such videos with utter bemusement and horror...much in the same manner that we see the 'witch' burning of many centuries ago.
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Have a good weekend!

*I'll post a few things across the evening....but earlier than normal.
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**The weekend post will be on the World monthly indexes - without question, the most important post I do each and every month.

12pm update - the monthly charts are clear

Whilst the indexes continue to hold moderate gains into the weekly close, the bigger monthly charts are clear. The primary trend remains to the upside, and there is simply little likelihood of a broad multi-month rollover for another 4-6 months.


sp'monthly

Summary

What else is there to say?

QE. QE. QE.
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Notable mover remains AAPL...the 580/600 zone looks on track before year end...

time for tea :)
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12.52pm...rats bailing into the close..but .low volume...it can't be taken seriously.. I think.

11am update - AAPL pushing higher

Whilst the main indexes hold moderate gains, one of the more notable movers remains AAPL, which is now in the $550s. A weekly close in the 550s will keep the door open to 575/580 in the very near term. Metals holding gains, Gold +$15, with Oil similarly higher, +1.3%


AAPL, daily

Summary

Little to say about the indexes..they are just breaking new highs..what else is new?
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With stocks like AAPL set for a further 4-6% higher in the very near term..the broader market will similarly likely continue to battle upward.

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Facebook, a further $1 higher will arguably negate any hope of major downside.

For the FB /momo bears..it is not looking exactly good this morning.

10am update - holiday highs

US equities break new historic highs, and there is simply nothing in the near term that looks to pose a problem to the current rally. Metals are holding gains, Gold +$13, whilst Oil is also 0.5% higher. VIX looks set to melt into the close..which is at 1pm.


sp'daily5

GLD, daily

Summary

So..sp'1811s already. Weekly charts are offering 1715/20 early next week...and the 1840/60 zone will be viable in mid-December.

Continued strength in AAPL, a daily close in the 550s would be pretty important.
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DRYS looking strong..with a clear break on the weekly...

First target is $4..then the 5/6s in early 2014.

Pre-Market Brief

Good morning. Futures are slightly higher, sp +2pts, we're set to open around 1809. Metals are trying to jump, Gold +$14, Silver +1.2%. Equity bulls remain fully in control, and look set for further gains across next week.


sp'60min

Summary

A likely quiet day ahead.

No sig'QE, no econ-data..and not even any Fed people lurking out there.
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Notable early mover: DRYS, +8% to 3.58....and I don't know why. Maybe the BDI is higher?
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Naturally, if there was one store where the 'animals' would go crazy over electrical goods, it'd be the UK owned Walmart subsidiary... ASDA. It appears some of the UK retailers are trying to drive sales, even though we don't have the thanksgiving holiday.  - see BBC news.