Friday, 29 August 2014

3pm update - micro melt into the holiday weekend

US equities look set to close the day..week..and the trading month around the giant sp'2000 threshold. It has unquestionably been a very bullish month, with the sp' ramping from 1904 to a new historic high of 2005, along with a VIX that has fallen from the mid 17s.



Well, it has been one hell of a month.

Many I know were touting sp'1860s at the start of the month.. we never got there..and with a break above the giant psy' level of 2000, Mr Market continues on a very bullish path.

To be clear..

I am VERY open to a short/mid term top in mid/late September, somewhere in the 2030/50 zone.

Problem is..I still fear a pull back in October might only be 3% or so.

*I hold long across the weekend, via SDRL, (almost back to flat, after the post earnings miss). Will hold until next Wed/Thursday, seeking 38.50/39s.

3.39pm... Indexes all currently fractionally green... and with the 3.33pm howling out of the way.. market looks set for melt higher into the close.

....back at the close.