sp'weekly7
Summary
*a green candle to start the week, but that is not surprising, considering the significant net daily gains. Equity bears need a decisive break back under the weekly 10MA of 2063 to give clarity that market is in fact headed to the 200dma around the giant sp'2k threshold.
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As for patience
Watching Liesman on clown finance TV this afternoon was as usual, somewhat stomach churning. After SIX years of a QE/paper fuelled equity bubble, we're still at the remedial stage of the US Fed' playing 'word games'.
Will the Fed press release this Wednesday remove the word 'patience?'. Sure, the market cares, but in the grander picture.. it is an utterly irrelevant issue.
Further, it remains utterly bizarre and lame how almost everyone is getting overly hysterical on the notion of interest rates being raised to 25bps this summer. Hell, there is plenty of talk in the mainstream now that the Fed will only raise rates in increments of 10bps.
I am still moderately hopeful that the Fed will have at least some sense to begin raising rates at the June FOMC. If they fail to do so, it'll truly highlight just how weak they believe the economy to actually be.
Without question... these are increasingly crazy times, and it is going to be ever harder to keep a balanced mind on reality in the coming years.
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Looking ahead
Tuesday will see Housing starts (8.30am).. other than that... Mr Market will be largely focused on the FOMC meeting.
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Goodnight from London