sp'monthly1b
sp'weekly1b
Summary
I haven't been reading as widely as I tend to do. What I do see though continues to bemuse me.
After a monstrous Oct' net gain in ALL US (and most world) equity indexes, I still see a lot of bearish chatter. How can that be, after one of the biggest net monthly gains we have EVER seen?
Has almost everyone forgotten what sentiment was like in Oct/Nov 2011? Remember how the bears were screaming for renewed weakness... only for the market to push upward.. and keep pushing for the better part of almost FOUR YEARS.
I can't be the only one out there wondering (or should that be fearing) the Oct' 2015 candle as an extraordinarily clear signal that the market has seen a washout.. and we're broadly headed higher into late spring 2016.
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re: weekly. A net weekly decline looks highly probable. The only issue is whether we close above.. or a little below the 200dma (sp'2063). Secondary target of the 2020s certainly is out of range until next week.
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Looking ahead
Wed' will see... nothing. US banks are closed.. but market is open.
*the usual EIA oil report will be delayed until Thursday.
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Goodnight from London