sp'weekly7, rainbow
Summary
The weekly 'rainbow' candle was red at the Tuesday close of sp'1972... but turned blue this Thursday morning, and with rather extreme strength into the close.. has now turned an outright bullish green.
On any basis... the market is back to 'normal service', the sp'2100s are coming.
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Looking ahead
There is no data due tomorrow. There are two fed officials on the loose, but only Lacker appears likely to be of importance. No doubt, any talk of interest rate hikes in the spring/summer would give the market an excuse for another minor intraday down cycle.
Friday is quad-opex, so expect some very significant price chop into the weekly close.
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As for being tired...
Maybe I have just been reading around too much in the past few days, but I'm getting real tired of seeing even small amounts of bearish hysteria. It has been pleasing to see some equity bears/traders make some good profits, but still, many of those same people are hyper-bearish for next year.
Few seem to have learnt anything since the collapse wave low of March 2009.. or even the more recent key low of Oct' 2011. I'm still hearing endless nonsense talk about how higher interest rates are a bad thing. Tell that to the financials!
Only wanting to hear the doom talk
Then there is the issue of knowing that a fair number of you only want to hear that the market is going to crash. Unlike the maniac 'the end of the worlders' on Zerohedge - who are clearly hyping EVERY news story to a bearish slant, I'm still not going to play that game.
If I end up writing just for an audience of one.... myself... so be it. I will call it bullish... when I see it bullish. If some of you can't cope with that... well, you know where to go.
Goodnight from London