sp'daily3b
Summary
*The above chart is a somewhat kooky one, but it has offered a rough guide for viable upside for this month, and I'm holding to it.
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As for those still touting 'ultimate doom to sp'600/500s' in 2015..or beyond....yeah...I'm talking about YOU...Greg Mannerino, BrotherJohn, TF, Jim Sinclair...Harry Dent, the Schiff, Faber, Daneric, Tim Knight, Atila (Hi there!), the zombie hoards over at Zerohedge, and even deflationland...
for you...
Ohh, and one other thing I'd ask each of you...
What do you think the Yellen will do later this year, if the market is seriously upset? What button do you think she is going to start hitting a thousand times a hour if she believes the economy is seeing a significant (if brief) slow down?
As has been my concern with the Yellen since last year, she will probably make the Bernanke look like an amateur when it comes to money printing.
If you agree with that, then you can safely assume this market will be considerably higher next year...regardless of any pull back we might see this year.
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updates into the close, but really...there is little to add.
3.19pm.. sp'1875....now we're pushing on the upper bollinger on the weekly chart.
Even to me..this is crazy strong price action..but hey.. it is the sort of thing we need to see, if we are to hit the sp'1900s this month.
Hell, why not by the Friday close?
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3.26pm.. for those watching, the hourly sp' chart is now offering 1885 in the IMMEDIATE term.
How about 'beige book' spike to 1885/90...then a minor pull back?
Anyway...utter carnage for those holding short from the 1830s yesterday....now 50pts lower, lol