sp'weekly8
Summary
Despite the 'bloodbath' declines of today (well, that is how some will see it), we still have the fifth consecutive green candle on the weekly 'rainbow' charts.
There is simply nothing bearish in the bigger picture.
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Looking ahead
Thursday will have the usual weekly jobless claims, but also Empire state, indust' prod, Phil' Fed, and some housing data. That will be plenty enough for Mr Market to deal with across the morning session.
Fed official Dudley is due to speak in the early morning, with Yellen due to speak in the evening. It is difficult to know if the media/market will pay either of those any real attention.
*next sig' QE-pomo is not until next Monday.
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Tired of the nonsense talk
Sure, today did not go as I had expected. The market failed to show any upside kick in the morning, and instead saw a secondary wave lower in the late afternoon. We saw the sp'500 fall by just -0.5%, and yet..no doubt, there will be some pretty bearish chatter this evening.
After all, now that 1900 has been hit..the top is in, yes? Frankly, I'm beyond tired of such talk, and the same maniacs talking like that today, will be doing the same thing tomorrow. They are the sames one who have been holding short from sp'1814..1850..and the more recent spike low of 1866.
Some will never learn. I would like to believe, I'm not one of those with a concrete mindset.
*I hold moderately long, and will seek an exit into the Friday close, preferably with the R2K back in the 1130s, although I realise that looks like an overly optimistic target. We shall see.
Goodnight from London