Friday 23 May 2014

3pm update - sleepy end to the week

US indexes are closing the week on a very positive note, and it is possible we'll settle with sp'1900s, dow'16600s, and perhaps..Trans 8000s. Regardless of the exact close, the equity bulls look set for further gains into end May...and the first half of June.


sp'weekly8


Summary

*such an exciting afternoon, I did fall asleep earlier, hence I missed an hourly post...ohh the humanity, refunds for everyone?
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Seriously though, in many ways, a very conclusive and nasty way to end the week, at least for those on the bearish side.

There is literally nothing for the bears to tout, with the market showing a rather significant rebound from sp'1868 to 1899..and perhaps 1900s by the close.
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 updates into the close...if I can stay awake ;)

In particular...eyes on the VIX..maybe they might be able to whack it lower into the 10s...if sp'1900s.


3.11pm.. VIX 11.44.... sp'1900.....hmm   equity bears burnt to a crisp.

I'd still not be surprised if the VIX is snapped into the 10s in the closing few minutes.


3.23pm.. Notable weakness, coal miners, BTU -1.4%... I'd refer anyone to last evenings post on BTU on my 'fair value' page.

Despite the strong market, the coal sector continues to get the smack down...and a few of the remaining names won't likely survive.
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VIX 11.40...... the March low was 11.05....that is the target..


3.45pm...not much to add. It remains highly notable that the R2K/Nasdaq are both outside of their declining trend....and are headed up...probably for at least another 2-3 weeks.

It sure does not look good for those in bear land until at least mid June.

back at the close.