Friday, 30 May 2014

Another day of new highs

Once again the US equity market broke new historic highs - Trans (8110) & Sp'500 (1920), with the Dow looking set to follow. The only issue is whether the R2K and Nasdaq are going to break the early March highs.


R2K, weekly'4, rainbow


So...another pair of new historic index highs, and the price action remains very bullish. We have 7 consecutive green candles on the sp' cycle, and even the laggy R2K is back to bullish green.

I'm still guessing the R2K is headed to at least 1170/80, but if it can break into the 1200s, then the bigger H/S formation will get dropped.

A flashback to 2007

I will continue to give Schiff plenty of flak for his incessant 'dollar doom' talk, but hey...I'll also sure as hell enjoy giving everyone periodic reminders that he was one of the few brave ones warning about the property bubble.

Seeing these videos never fails to amuse me. It is Incredible to reflect upon that most of the mainstream analysts who completely failed to see the bubble for what it was...never lost their jobs.

Looking ahead

There is a trio of econ-data tomorrow, Pers' income/outlays, Chicago PMI, and consumer sentiment.

*next sig' QE-pomo is not until next week. There is a new QE schedule to be issued, Friday, 3pm

Goodnight from London