Friday, 7 March 2014

3pm update - another week for the bulls

Regardless of how we close today, it was another week for the bull maniacs. The mild bearish hysteria of Monday - when the sp'500 floored at 1834, now looks a long way lower. Most seem resigned to the sp'1900s within the next week or two.



Key rising trend support on the sp' is clearly around 1860 - at the Monday open. theory...Monday could open lower, but from there....up to 1900s late next week.

Metals remain weak, Gold -$12, but Silver is especially weak, and looks pretty lousy on the weekly chart - see Gold/Silver page, after the close.

3.30pm.. well, the sp'500 almost green. How many bears will need to close out for the weekend?

Something to watch for near the close...VIX to get knocked the 13.60/50s. 

3.40pm.. a few rats are selling into the weekend, I can't blame them.

At best..equity bears have a fair chance at sp'1865/60 at the Monday open..before another wave higher. Certainly, the 1900s look viable by late next week.

*notable weakness in the miners, FCX -5% on heavy volume.