Whilst the US market is still battling to break a new historic high >sp'2119, there is relentless strength in Asia, with the Chinese and Japanese markets both powering upward. With the PBOC and BoJ periodically meddling to keep the bubble growing, there is little reason to not expect continued upside.
It was a rather tedious day, and I want to keep this short...
Suffice to say... absolutely nothing bearish in the near, mid.. or long term outlooks for China or Japan. The SSEC looks set for 5K before year end, although at the current rate, it might only take another 2-3 months!. Meanwhile, we have the Nikkei around the giant 20k threshold, next level is the March 2000 'tech bubble' high of 20883.
Indeed, the Nikkei and the US Nasdaq comp' are both set to break the March 2000 bubble highs within the near term. There looks to be a further 'comfortable' 20% before any chance of a sig' retrace.
*it is notable that the ugly EU PIIGS member - Spain, is clearly seeing resistance at 12k
... although I do expect a monthly close >12k some time soon. Once 12K is closed over.. next level is the historic high of Nov'2007 of 16040... a clear 35% higher. That looks viable within 6-12 months.
Wed' will see existing home sales, the FHFA house price index... along with the latest EIA oil report.
*FB will have earnings at the close, and that will likely also increase market attention on TWTR (earnings next Tuesday)... the latter of which I remain long.
Goodnight from London