sp'weekly8b
Summary
*regardless of whether you agree with the micro-count on the above chart, the primary trend is unquestionably to the upside, and with the third green candle, the default trade would be on the long side.
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It was a bit of a quiet end to the week, but more than anything, what is clear...
1.Yes, the economy is showing some distinct signs of weakness, not least via Q1 GDP of just 0.1%
2. The bears are still lacking any decent downside power, as also reflected in the VIX.
3. The broader upward trends - seen on the daily, weekly, and monthly charts are ALL intact.
4. The reducing QE fuel will be an increasing problem for the market this summer.
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For yours truly, it was a bit of a battle this week. I am still trying to 'carefully' play the long side. I hold heavy long across the weekend, since I have much higher upside targets for my 3 oil/gas driller stocks (DO, RIG, SDRL). Hopefully, I can make some good gains next week, and have some extra capital to short this market with, across the coming summer.
*many thanks to all those who commented this week, it is always good to hear from you!
Goodnight from London
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*the weekend update - late Saturday, will be on the world monthly indexes
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Video update from Schiff
Interesting commentary on this past weeks econ data.