sp'weekly8b
NYSE comp', weekly
Summary
So..we look set to close the week with a TENTH consecutive green candle on the 'rainbow' weekly chart. Incredible.
There is absolutely nothing bearish in the near term, but if my (vain) attempt at a wave count is correct, we should see a minor fall within the next week or two. I have little interest in trying to trade such minor waves, and will instead merely look to pick up another index-long.
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Closing update from Mr Riley
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Looking ahead
There is nothing scheduled tomorrow. The day will merely be about how the market copes with quad-opex... so.. expect some chop..especially in the latter part of the day.
*next sig' QE is not until next Monday.
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Tired..and looking forward to the weekend
I bailed on CHK today, it was a stock that just didn't do much for the past week..dead money. I still like the company though, Energy/Gas is a good sector for the long run.
As for WFM...well, the daily chart...
WFM is proving to be more annoying than I had feared, and its possible the stock just wants to do a classic back test of the original break.. in the $39s. I'm still reasonably confident of upside to the $48/50 zone, which is possible in July.
A long weekend of World Cup football is ahead... and for that... I am thankful.
Goodnight from London