sp'daily5
Summary
We have home sales data at 10am, and once that is out of the way, the rest of the day is set to be very quiet. There will of course be some significant moves in individual stocks, so I will probably focus on that today.
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End week chatter from Hunter
Suffice to say, the 'dollar collapse' issue rumbles on. I just don't see why so many are still expecting it. Again, unless you think all paper currencies are going to implode at the same time, then the key issue remains...how could the Euro or Yen not implode first?
Anyway....a long weekend ahead....and I think for most equity bears out there, a break is going to be most welcome.
The stuff of bearish dreams
For those in the mood for some true 'doomer bear' outlooks, see deflationland.
Certainly, sp'1950 is a topping level a fair few are now seeking, and I'd agree...it will likely not be viable until July - weekly charts will be restrictive before then. As for 'best case downside', I still can't see anything much below the old 2000/2007 double top zone of 1625/1575.
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*I will be very content to be entirely on the sidelines until next Tuesday.
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9.37am.. VIX is already -2%...set to take out the recent low......10s...aren't that far off now. Perhaps today, if a weekly close in the sp'1900s.