Friday, 9 May 2014

3pm update - churn into the weekend

US equities are holding moderate gains, and the sp' looks set for an important weekly close in the 1870s, keeping the bullish up trend intact. Metals are seeing a touch of weakness, Gold -$2, with net weekly declines for both Gold and Silver.


Summary has been a bit of a battle this week....I'll be glad for the weekend :)

*I will hold long across the weekend, via CHK, DO, SDRL, and STX.

SDRL, 60min

...probably floored..finally, but I was overly early again. I annoy myself more than this market ever could.

3.08pm. Hourly MACD set to go + cycle this than churn..we could even see a close in the 1880s..which would be a bonus for the bull maniacs.

3.15pm.. something to look at...daily MACD cycles for the R2K/Nasdaq..they look floored..and are offering a good 2-3 weeks of upside..and that will get us to sp'1920s by late May/early June.

As much as it sounds bizarre coming from me..I'm glad I'm long, I think I'm on the right side of this least for a while.

3.23pm.. it is...there is viable upside to the 1890s early Monday....the fact there is sig' QE of around $3bn should spook those holding short across the weekend.

Only issue seems to be...a VIX weekly close in the 13s...or 12s. 

3.42pm.. another set of short-stops hit...and we're sp'1877...and rising.

For the equity bears out there..this is no doubt starting to really get annoying.