Thursday, 23 October 2014

An exciting setup for the bears

Regardless of any near term retrace to the sp'1910/00 zone, market looks set for 1950/60s next week... coinciding with the next FOMC, when QE3 is set to be officially concluded. Frankly, the setup for November, is near perfect for the equity doomer bears.




A bounce was expected.. and we've already seen a huge move from 1820 to 1949.

My 'last line' remains around 1970... I certainly don't want to see any sustained price action above there.. otherwise the bigger monthly cycles will start turning back upward.

Looking ahead

We have a fair few bits of econ-data, jobless claims, PMI manu', and leading indicators.

*there is QE of around $1.5bn.... the penultimate QE-pomo day.... :)

Goodnight from London