sp'weekly8b
Summary
The green candle just keeps on getting taller, and it is a disturbing sight.. even to yours truly.
Note the upper bollinger on the weekly chart, which is offering the 2020s in the immediate term. By mid/late September, that will probably have climbed into the 2030/40s. So.. the 2050/70 zone is just about viable on a 'euphoria spike'.
Looking ahead
There is the EIA oil report.. and if supplies are higher than expected, then it will give Oil yet another kick lower.
More important though, we have the FOMC minutes (2pm)... market will be sure to react on that.
*next sig' QE is Thursday
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Video update from Mr Long... with Rubino
As always, good viewing for those with an interest in the macro-econ picture.
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Avoiding the pain
I suppose some could sneer and say 'ohh look.. he touted upside, but he ain't long'. True, but my last two index trades were fine, and right now... at least I'm not losing money on the short side.
Until we get close to the upper bollinger on the giant monthly cycle - which will probably be in the 2050s in September, I have ZERO interest in meddling on the short side. Waste of time, and in my view....overly risky.
Maybe we'll see a down wave after the FOMC... or Jackson hole. If so.. I'll be looking to pick up another index long, otherwise, I'm more than content to sit on the sidelines.
Goodnight from London