A lot could be said about the past week or so in the market. Perhaps..its better left for another day. Suffice to say...I ain't going anywhere.
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As for the casino....
sp'60min
sp'weekly'8
Summary
As expected, today was just minor chop..mere price consolidation before the next move upward. A weekly close in the sp'1855/65 zone looks highly probable. Even the 1830s are now looking out of range for those on the short side.
The original weekly'8 outlook remains on track. I'm guessing we are in the last week or two of sub'3 of big'3 - which looks set to conclude late Jan/early Feb. From there, I'd seek a 3% decline - analogous to the action of last Aug/Sept'. Certainly..that level of decline is nothing for the equity bears to get excited about, and I don't think its tradeable anyway.
For me, it is all about waiting for the late spring, as has been the case..since last June/July.
Looking ahead
Friday is opex, so..expect some chop. We have a little array of econ-data, housing starts, indust' prod', and consumer sentiment. Certainly, if some of those come in 'reasonable', market will likely use it as an excuse to rally into late morning.. the sp'1860s are most certainly viable.
Equity bulls should be content with any weekly close in the 1840s..or higher. On the flip side, equity bears can understandably be dismayed that 1815 now looks like a solid short term floor.
*there is sig' QE of $2-3bn...bears beware!
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Onward..and forward
I have moved forwards a great deal since early last summer. With the break..and hold above sp'1575 - the old high of 2000/2007, I have abandoned any remaining hope of the ultimate 'equity doom' scenario - that of a break <sp'666...into the 500/400s. Indeed, I'm starting to seriously consider that we'll never go below sp'1500...ever again.
A fair few are still clinging to the doomer outlook though. Most notable, the infamous Daneric. Mr 'I call a top just about every day' Daneric is still touting an equity collapse. Then there is Deflationland..whom has a serious case of 'Danericitus'. I'm not sure if it is curable.
So..I am in the process of shuffling/deleting links (as I periodically do anyway). Actually, I should note, if you know of a good site I don't have listed, let me know.
As for blogger 'HighRev', maybe that poster will return. I would hope so, he was one of the better..more objective chartist out there. Yet, so many have disappeared over the last five years, and most are usually never heard from again. Here is something to try...go look at the blog links for most of the chart sites out there. Those that are in time order make it easier, I've come to realise that 50% of the links are usually dead/expired.
It is very saddening, but the disappearing sites/people are very indicative of everything that has occurred since spring 2009.
Goodnight from London