sp'weekly8b
Summary
A somewhat tiresome day, so I'll keep this relatively short.
We continue to have a third consecutive green candle on the weekly charts, and without question, the broader trend favours the bulls. The sp'1895/1905 zone looks viable as early as tomorrow.
Looking ahead
Tomorrow will be all about the jobs data - although there is also factory orders.
Market consensus is for 215k net gains, with a slightly lower headline rate of 6.6%. However, I'd be surprised if the market fell, unless the gains are less than 175k.
*next sig' QE-pomo is not until next Monday
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Holding heavy long overnight
I held to the plan, and picked up the drilling stocks - DO, RIG, and SDRL, that I had dropped late Wednesday. I certainly didn't catch the lows, but my re-entry levels were in my target zone, so I can't complain.
All things considered, equity bulls should do okay tomorrow. A break below the recent 1850 low looks very unlikely in the immediate term. Indeed, I am expecting a break to new historic highs in the Dow/Sp/Trans, whether tomorrow..or early next week, makes little difference to me.
Goodnight from London