Another month to wrap up

February has been a lousy month for the equity doomer bears. Not only did the bulls manage to halt the decline before hitting the lower weekly bollinger, but the bulls pushed back higher..and just kept going. Most indexes look set to close February with net gains of 4-5%...incredible!


sp'monthly

Nasdaq, monthly

Dow, monthly2, rainbow

Summary

Month'29 of the giant wave from Oct'2011 looks set to close on a high.

Even the Dow, which continues to lag the general market, looks set to close the month with gains of over 500pts. How could anyone dare be bearish about that?
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Looking ahead

The week concludes with an array of econ-data. We have GDP (second reading), market is looking for a reduced estimate of 2.5% vs 3.2%. There is also PMI, consumer sent', and homes data.

That will be plenty enough to give the market an excuse to rally on 'better than expected' data.

*next sig' QE-pomo is not until next week (the March schedule is released at 3pm, Friday)
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Goodnight from London