It was another positive week for the US equity market, with the sp'500 seeing a net weekly gain of 26pts (1.4%). The broad trend remains strongly bullish, although there is moderate chance of a minor down wave of 2-3% in the remainder of the month.
So...another trading week comes to a close.
There is a great deal of chatter about whether we'll get stuck around the sp'1960s...70s.. or even the 1990/2010 zone, but I think its mostly not that important.
What is important is recognising that the primary trend is indeed still to the upside, and with the July'4 weekend soon... I'm resigned to further gains into mid July.
The monthly charts turn... green
With the move into the sp'1960s, the monthly 'rainbow' charts have turned green for the first time since last December.
I realise some will not consider it that important, but for me, its a strong reminder of what remains powerful underlying strength.
Gains and losses
For yours truly it was a very mixed week. I had a good exit on an index-long, but I've been battered by a continued decline in WFM. I suppose there is reasonable opportunity for that one to turn around into July, but for now, it remains a major disappointment.
Not so much the 'Polar Bear', as perhaps the 'SS WFM'...
For me, the week ended in the above manner, I suppose it could be worse.
*full story on the 'polar bear'.. @ NBC Sandiego
As ever.. its never easy, and I live to fight another week.
Sincerely.. have a good weekend everyone.
Goodnight from London
*the weekend update will be on the US weekly indexes