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| Bullish Park land.. and London skies |
Summary
...back from a little walk.. on what is probably one of the last decent warm days this city is going to see until next May. With 6/7 months of likely grey gloom ahead... it is not exactly the most pleasing of thoughts.
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As for the market..the break under sp'2000 really isn't anything to get excited over. Taken as a collective, the market is only seeing 'minor weak chop' today... nothing more.
It is notable that the weekly 'rainbow' candle has turned blue with the fall <2003.
sp'weekly8
...equity bears should be looking for 2-3 blue candles before the next multi-week down wave, but I'm still guessing we'll see the 2030/50 zone...first.
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2.05pm.. It is somewhat amusing that with a mere drop of -0.5%... web traffic jumps. It remains the case that so many still get twitchy on ANY minor decline.
I suppose some could say that its bearish, but really.... need a hit of that upper weekly bollinger band....in my view.
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2.20pm.. The USD is +0.6%... this remains a real pressure on ALL asset classes. In many ways, it is quite remarkable how strong equities are...relative to the ongoing multi-month rally.
Here is a scary thought... what if the USD cools (if only for a few weeks).. that is really going to pressure equities even higher.
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*carnage in the miners, GDX -3.3%