Trans, weekly
SP' weekly
Summary
A sixth day for the bull maniacs, and despite some commentators correctly pointing out that the rally is based on low volume, it really doesn't matter, does it?
The trend is UP on all the bigger cycles, daily, weekly, and monthly. Indeed, the monthly charts are now offering as high as the 1960s - although I don't think that is really viable in this latest multi-week up wave.
Looking ahead
We have the PMI manu', and some housing data. There is also the EIA oil report, which might help to keep Oil on the current down trend.
*there is sig' QE of $2-2.5bn.
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Another great video from Gordon T Long
This update focuses especially on China. Interestingly, the guest has an outlook that I broadly share. Perhaps some sig' economic/market weakness in Q3/4, but from there, things could get really wild, with a subsequent hyper-wave.
I'm still broadly resigned to 'general upside' into late 2015/early 2016, not least if the Fed - and other central banks, go nuclear with the QE button later this year.
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At least I'm not getting burnt
I remain content to sit on the sidelines. I have ZERO inclination to attempt any index-shorts, but neither do I have much interest in going long right now. So, I'm missing out on yet another rally, but hey..at least I ain't losing anything.
Right now, my best guess is that we'll see broad upside into late May/early June. The FOMC of June'18 would be a particularly attractive time (at least to me) to launch another major short.
Goodnight from London