sp'weekly8b
Summary
Really, there is very little to be said. Green candle... bullish into September.
We've a long weekend ahead (US markets are closed next Monday)... and there is little reason why trading volume will not continue to decline. The only issue is late Friday when there is a rebalancing, along with other end-month trading issues.
Overall, for many...it is arguably a case of switch your screens off, and come back next month.
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Looking ahead
Thursday will be largely about the second reading for Q2 GDP. Market is expecting an unchanged 4.0% number.
*next QE-pomo is not until sometime next week.
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Clown TV wheeling out the doomers
Maybe its just me, but I sure have seen a lot of doomers being wheeled out across clown finance TV in the past few days. There has been talk of sp'1000, 800, or even lower... it all seems like crazy talk, even to me.
The monthly (US, and many world markets) charts - as I highlighted just yesterday, are very bullish for September. Typically, we'd hit the upper monthly bollinger before a major correction, and that is in the 2050s right now.
Is the latest bout of doomers on clown TV just another sign that we're far from 'bear capitulation' or 'bull euphoria? All things considered, I'm resigned to at least another 2-3% higher in the near term.
Goodnight from London