sp'weekly8
Summary
*I've removed all counts/labels from weekly'8, in many ways, that is probably a good idea. What matters is the broader trend.
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So...we've swung from a second red candle...and we're now outright bullish again, with a disturbingly strong green candle. Frankly, it looks to be a case of 'game over' for the equity bears. New index highs (at least for most indexes) look likely in May.
Looking ahead
With Friday closed, tomorrow will be opex, so expect some chop. We do have the usual weekly jobs data, and the Phil' Fed survey at 10am.
Earnings from GOOG and IBM annoyed the market in Thursday AH trading, but the broader market should be fine regardless.
*next sig' QE-pomo is not until next Monday.
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Avoiding the bear carnage
I realise for many bears, today truly sucked. Even the opening 90 minutes was something of a tease, where we saw some opening black-fail candles (on a few indexes), and there was even an opening VIX reversal candle.
Yet, across the day, the price action was pretty strong to the upside. Every little tick lower was being bought, and it was not surprising to see the market close at the high of the day.
I will not consider going long an index until next Monday, as I have little interest in getting involved ahead of a 3 day weekend. Right now, I can't conceive of any re-shorts until late May/early June. It is not the best of thoughts, but at least I didn't get nailed today.
Goodnight from London