Monday 18 August 2014

1pm update - Dow pushing significantly higher

US indexes continues to climb, with significant gains for all indexes. The Dow is making a play for a daily close above the 50 day MA of 16847. Daily, weekly, monthly cycles all offer 17200s in the immediate term. 17300/500 zone is viable in September.


Dow, daily


Summary

Last Friday morning's little washout is now looking a fair way lower.

Daily charts offer a straight up run to test the historic highs.. and with the Nasdaq already breaking new post 2009 highs, there is little reason why the rest of the market won't follow.
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Oil remains very weak, -1.4%, but hey.. that is bullish US consumer, yes?

Shippers looking fine.. DRYS +2% @ $3.27...seemingly headed for $4 in September.