Thursday 7 December 2017

Positive Thursday

US equity indexes closed broadly higher, sp +7pts at 2636. The two leaders - Trans/R2K, settled +1.3% and +0.8% respectively. VIX settled -7.8% at 10.16. Near term outlook offers a weekly close around 2645/50. The year end target of 2683 remains on track.




US equities opened in minor chop mode. Cyclically, the s/t setup always favoured the bulls, and the market duly leaned upward into the afternoon, with notable sig' strength in the Transports.

With equites pushing upward, volatility was naturally ground lower for a third day. The 9s are clearly viable into the weekend. Something to consider is that the 8s, even the 7s are possible by year end.

I recognise some of you are still seeking some kind of mid/long term top, but I sure don't see it any time soon. Sp' 3K seems a given, as early as next spring. If certain stocks break certain thresholds (such as INTC >52), along with sp'3100s, then you can add another 800/900pts to around 4k. T-15 trading days left of the year.

The First glimpse of sun in London since Friday Dec'1st.

Extra charts in AH (usually around 7pm EST) @

Goodnight from London
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