Wednesday, 5 March 2014

10am update - price action remains bullish

Equities open with some very minor chop, but we look set to build further gains. The hourly index cycle is offering the sp'1883/86 zone today. Perhaps more notable, the daily cycle is offering the mid 1990s. With sig QE-pomo this morning, bears face the usual problems.



To use an 'oscarism'..we have an F flag on the hourly, and it is most certainly bullish.

With the bigger weekly/monthly cycles all pushing higher...we'll surely see higher levels.

*fed beige book due at 2pm..that will probably give the market a kick.
Notable mover...

DRYS, daily

The break back into the 4s opens up the 5s in the immediate term. DRYS remains one of the old school hysteria stocks, it certainly still manages to attract attention when it does start to move.

10.07am.. ISM data...not great...but market doesn't care.

Price action is bullish! ...and hey...there is the QE..that is going to help today.

Notable strength: UAL +4.5%... I've no idea why..but the general trend is upward of course.