Tuesday 21 August 2018

Three new historic highs

US equity indexes closed broadly higher, sp +5pts (0.2%) at 2862. The two leaders - Trans/R2K, settled +0.6% and +1.1% respectively. Near term outlook offers further historic highs, with the Nasdaq comp' next to follow the Trans, R2K, and sp'.




US equities opened a little higher, and battled upward. The Transports was the first to break a new historic high, with the R2K following, and then the sp'500. There a touch of afternoon cooling, but it does nothing to negate what was a very bullish day.

With equity strength, volatility was naturally subdued, with the VIX settling +3.0% in the upper 12s.

I will perhaps do a special post this weekend, but original target (which is never changed mid year... unlike some), is arguably back on the menu...


I'd agree that 3245 is a long way up. I'm not the only one touting that 'crazy talk' though. In the mainstream we have Tony Dywer of Canaccord see: Bloomberg. Less mainstream, we have Oscar Carboni, who has a year end ES target of 3258. The latter has interestingly had almost the exact same target as yours truly for the past two years.

Headed to the moon
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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