Friday, 5 September 2014

11am update - laughable declines

Despite the monthly jobs data missing by a clear 80k, the sp'500 is only -0.3%. As ever, all the bears are able to achieve is minor weak chop.. and again, it is notable that we're a mere 1% from breaking new historic highs.



It is indeed utterly laughable that having soared from sp'1904 to 2011 (just yesterday morning!)... there remains considerable bearish chatter out there.

The top callers are still at it... and I'm seeing downside targets of the 1940s...even sub 1900s in the 'near term'.

For me, it remains a case of 'lets see where we are in FOMC/opex week'. There is zero reason why we won't be somewhat higher by then. Probably somewhere in the 2030/50 zone.

VIX is not reflecting ANY fear in the market, and looks set to close the low 12s.