sp'weekly8
Summary
We continue to have the second consecutive green candle on the 'rainbow' weekly charts. Unquestionably, the broader trend remains to the upside, and I certainly have ZERO intention of trying to short this market in the immediate term.
-
Looking ahead
Friday will see PMI services, and consumer sentiment data. If those come in 'reasonable' it'll be probably enough reason for the market to melt higher into the 1890s by the weekly close.
*next sig' QE-pomo is not until next Monday.
-
Permabear still going long
Today was a pretty good day in the London bunker. An early FCX exit (earnings weren't great, but the stock opened higher anyway), and RIG battled strongly higher across the day. The only annoyance was SLV, which saw a sharp opening reversal to the upside. Oh well, I am prepared to wait until next weeks FOMC, at which point I still expect another opportunity for the metals to get smacked lower.
I even picked up a secondary long into the close - CHK, a good company, with what looks to be a reasonable 5-10% of upside into May.
Don't ever tell me 'the Permabear is a one sided trader who never goes long'!
Goodnight from London