sp'weekly8
Summary
Urghh, today was pretty tedious, and congrats to anyone else out there who managed to stay awake during the entire day.
Today was the fifth consecutive daily gain for the sp'500, and those who are still short, are really getting burnt, not least the options traders.
-
Looking ahead
Tuesday has a few pieces of housing data, along with the Richmond Fed manu' index.
*next sig' QE is Wednesday
--
On the sidelines
I am more than content to do little right now. I can't be short, not with the recent price action, and with the daily/weekly charts, back to outright bullish again.
I realise some are looking for another major wave lower. I just can't see it. Right now, I think bears will be lucky to see 1850/45 Tue/Wednesday. For the bulls, that would make for a very natural buying level, and I'm certainly considering it.
To be clear, I'm still seeking a major wave lower (primary downside would still be sp'1825/1575), but the next opportunity for that, looks to be no earlier than mid June.
Goodnight from London