sp'monthly
Summary
Right now, the sp'500 is -20pts (-1.0%) on the month, but it will only take one decent up day to turn things around. With five trading days still left of the month, there is ample opportunity for the equity bulls to turn this around.
As I have been saying for months, until bears can achieve a monthly close under the monthly 10MA - currently @ 1904, there is ZERO reason to be shorting this market.
For me, I simply won't consider shorting any of the indexes until we're brushing the upper bollinger on the weekly and/or monthly cycles... and that sure doesn't look likely for some weeks.. if not at least another 2-3 months.
Looking ahead
There isn't much due tomorrow, just... new home sales, and the EIA oil report.
*there is QE of around $1bn
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Goodnight from London