sp'weekly8
Summary
So, the week begins with moderate gains. Far more notable though, we saw new historic highs in the Dow and Trans. With those two breaking higher, I can't imagine the sp'500 not breaking into the 1990/2000s within the very near term.
Price action is most certainly bullish, and with a VIX that can't even hold the 13s for more than an hour, the equity bears still look utterly powerless. Sure, we will get minor pull backs, but it should remain clear to most out there, we are continuing to just put in higher highs...and higher lows.
Looking ahead
Tomorrow will likely be more dynamic. We have a quartet of data, retail sales, empire state', import/export prices, and business invent'.
However, far more important, Fed chair Yellen will be giving testimony to the US Senate. No doubt, that will get the markets full attention across the morning, and will receive blanket coverage on clown finance TV from 10am onward.
*next sig' QE is Thursday
--
More upside to come
So...another week is underway, and I realise the irony that I continue to tout much higher index levels. Yet... I'll keep on calling it as I see it. It is not exactly easy, not least since I understand that some of you only want to hear 'doomer talk', but no..I won't be spouting that for the sake of attracting attention.
It would seem the sp'2100s remain on track, the only issue is whether that is hit this year...or early 2015.
--
I was looking at a great many individual stock charts today, and many of them have bullish price structure. Here is an 'old favourite'....
RIG, weekly
Price structure is a large multi week bull flag, and there looks to be reasonable opportunity for $48/50 by September. Certainly, if earnings come in okay, and the market continues to push higher into the sp'2000s, I'd guess RIG will be in the upper 40s.
I could reel off a hundred similar looking stocks.. but for today... that will have to suffice.
Goodnight from London