sp'monthly3c - bare bones
Summary
For those few of you out there this evening/early morning, I will no doubt have annoyed some of you with the opening paragraph.
Yet... I did originally state it last summer... after we failed to break back <1500.... which was when I waved a giant white flag, and didn't short the indexes again until this past Sept/early October.
Despite the US fed ending QE... now we have the BoJ picking up the slack, and no doubt the ECB will make a serious attempt to also start buying T-bonds early next summer. Frankly, I see zero reason to attempt any index shorts... nor be long VIX, until late 2015/early 2016... at the earliest.
A reminder on the recent 'crazy fib nonsense'...
sp'monthly5b - fib levels
Without restating everything from last Friday's post... the next fib level of sp'2138 is easily within range.. and after that... its arguably 'empty air' to the 3k level. Whether that hits late 2015, or early 2016... I really don't think is the important issue.
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Looking ahead
There is no data of significance due tomorrow. Market will of course be reacting to the failure of OPEC to cut output... energy stocks will no doubt be under some downward pressure. As ever, I'll be keeping a close eye on the oil/gas drillers of RIG, SDRL, and DO.
Market closes early at 1pm.... so... an early start to the weekend :)
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Goodnight from London