sp'weekly8
Summary
*awaiting key econ-data, GDP, PMI, Cons' sent, and housing
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Well..its the end of the month, and unquestionably..it was a month for the equity bulls. With new historic highs on the sp'500, Nasdaq, and R2K, the bulls are in full control.
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re: weekly'8. I am holding to this outlook. Seeking a key top around the time of the next FOMC. (March'19), somewhere in the sp'1880/1920 zone. As ever though, price action is everything. If I have to wait another month..until late April/early May to launch an initial big short...so be it.
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GDP Q4 (second reading): 2.4% vs , market expect' 2.5%, prev' 3.2% (first estimate)
8.30am Indexes are mostly flat...after a marginal miss on GDP.
Certainly, many will now wonder about a final Q4 GDP sub 2.0%..due late March. Considering the Fed were throwing $250bn at the US capital markets in Q4 - equv' to 2% of GDP....you could justifiably argue the US was flat lining in Q4.
9.17am...we look set to open fractionally higher..a move into the 1860s looks likely today.
Whether we can close in the 1860s...is not important. The monthly gains are already very clear.
Notable weakness: UAL, -2.8%