sp'monthly
sp'weekly8
Summary
*I have removed an old count from chart weekly'8. With today's break >1883, the only decent thing seems to be just follow the price action.
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Indeed, regardless of how you might want to count/label this nonsense, the bulls achieved two important new highs today, in the sp'500, and the Transports. The recent minor bearish hopes are now scrubbed, and its back to 'normal service'.
It remains embarrassingly lame for the equity bears, that the declines are so minor..and take so long, whilst the gains are now fast...and relentless.
Looking ahead
We have the ADP jobs report and Factory orders. If those come in at least 'reasonable', the market will easily be able to consolidate, or more likely, build upon the recent 3 days of gains.
*there is moderate QE-pomo of $2-2.5bn.
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Another disappointment
Yours truly was stopped out early this morning on a core short block. A minor loss, negligible in the scheme of things, annoying, but more so...disappointing. With the sp' breaking >1884 in the closing hour, I was further kicked out of a small secondary short-block, and am now entirely on the sidelines.
The question is..what now? Do I go long in the 1880/90s? Where would a stop be? I guess, around the recent weekly close of 1857.
As things are, I'm content to do nothing for a few days. Certainly, I'm resigned to further equity upside, I won't be shorting the equity market for some time again.
My bigger concern now is that rather than see a spring/summer multi-month rollover..we'll just go straight up..in the style of 2013, all the way to the 2100s..as many - not least Carboni, are seeking.
Indeed..here he is..with a video from earlier today...
Video update from Mr Permabull
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Here for the long run
I realise for many out there, not least the few remaining 'doomer bears', today was rough, but it was just another lost battle, in a war for which some do understand the eventual outcome. The economic 'reality' is indeed very different from what the cheer leaders on clown finance TV would have us believe.
The 'new world economy' of the early 21st century is not going to be able to subsist on the productivity of Twitter, Facebook, or least of all..Candy Crush. No, there remain huge systemic issues out there, but right now, Mr Market has ZERO concern for any of it.
Today was difficult, but I'll be here tomorrow..and the day after that....and......
Goodnight from London