sp'60min
Summary
Its possible we might go negative MACD (hourly) cycle in about 3-4 trading hours, we could see a small retracement, to around sp'1425/20. Yet, even that sort of move - across 1-3 trading days, wouldn't bust the rising trend.
Notable stock movers - GE, STX and WDC. For some reason the disk drive makers are back in fashion again. I'd much prefer SNDK though, the flash drive maker, thats the way forward, not those spinning disks!
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Metals remain weak, especially Silver.-1.4%
Special note
The NYSE Comp' has broken the mid-Sept QE highs, the first of the indexes to do so.
I suppose some could argue its just a brief move, but really, as with the SP', until we're back below that rising trend line, its NOT bearish!
UPDATE 12.20pm.. His highness, Obama is speaking about the fiscal cliff, no doubt the algo-bots are considering the ongoing transcript of his every word.
The president must be so very proud of his 'deficit reduction' plan. The sheer audacity of him using those words together. Incredible.
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Meanwhile, the coal stocks are starting to suffer again. BTU is looking especially weak
First target remains support @ 25.00
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UPDATE 1pm
Transports and Rus'2000 are making a signifnicant break higher - whilst the main indexes remain largely flat.
Trans, daily
IWM/R2K
For the bull maniacs seeking sp'1500s 'soon', they need only look to the these two leading - and always most volatilie, indexes.
UPDATE 1.25pm Gold - which bounced earlier, now back to -$8
Another $32 to go..to hit the 158 target. Gold bugs going to go nuts if the equity market turns lower (whenever that is)..and takes gold right through the 158 key level.
