sp'60min
Summary
As ever, the market is showing the underlying strength, that will probably carry us through into spring 2014.
-
Notable strength in FB, and UAL
SLV, daily
Silver has broken support, Gold...yet to follow.
Tuesday, 12 November 2013
10am update - opening reversal
The sp' opened -5pts, but is already offering a pretty stern reversal to the upside. Underlying pressure remains to the upside, and the last 3 weeks have been arguably one giant bull flag, as seen on most indexes and stocks. Metals are weak, Gold -$4, Oil -0.4%.
sp'60min
Summary
As ever, the market is showing the underlying strength, that will probably carry us through into spring 2014.
-
Notable strength in FB, and UAL
SLV, daily
Silver has broken support, Gold...yet to follow.
sp'60min
Summary
As ever, the market is showing the underlying strength, that will probably carry us through into spring 2014.
-
Notable strength in FB, and UAL
SLV, daily
Silver has broken support, Gold...yet to follow.
Pre-Market Brief
Good morning. Futures are slightly lower, sp -5pts, we're set to open around 1766. Metals are mixed, with Gold +$2, whilst Silver -0.4%. Oil is similarly weak, -0.4%. With the bond market open, today should be at least 'somewhat' more lively.
sp'60min
Summary
The near term outlook is difficult to guess. We could still fall to the low sp'1730s..but as many are increasingly suggesting, the more obvious trend remains to the upside.
The sp'1800s are clearly within range, we're only talking about less than 2%, and that is clearly viable across just a few days.
-
For many individual stocks out there, the last few weeks look like a giant bull flag has been formed.
*no real news due today, and neither is there any sig' QE-pomo...so the bears have that going for them.
sp'60min
Summary
The near term outlook is difficult to guess. We could still fall to the low sp'1730s..but as many are increasingly suggesting, the more obvious trend remains to the upside.
The sp'1800s are clearly within range, we're only talking about less than 2%, and that is clearly viable across just a few days.
-
For many individual stocks out there, the last few weeks look like a giant bull flag has been formed.
*no real news due today, and neither is there any sig' QE-pomo...so the bears have that going for them.
Bits and pieces to end a quiet day
A day of nothing for the US indexes. The bigger picture remains bullish, with broad upside into spring 2014. Equity bulls should be seeking a weekly close in the Dow 15800s. That should be enough to confirm 16k in early December, and then 17k in late spring.
Dow, monthly'2, rainbow
Summary
On a quiet day..lets take a look at a few miscellaneous bits and pieces...
Copper, monthly
Certainly..Copper seems stuck at the monthly 10MA. The big $3 threshold remains key. If that breaks, it bodes badly for the precious metals and mining stocks.
WTIC Oil, monthly'2, rainbow
Like the broader commodity index, Oil is weak. Many out there now seem open to Oil back in the mid 80s. A break below the June 2012 low of $77 seems very unlikely though.
US 10yr T-bill, monthly
A simple extrapolation of the previous multi-year cycle (interestingly) gives a target date of late 2015. I'd have to guess 10yr yields will rise to the 4s..perhaps 5s, before the next big turn.
BDI, monthly
If the main market 'broadly' rallies into late 2015/early 2016, I think the BDI might manage to claw to the 6000s. Certainly, the commodity bubble peak in the 12000s seems very unlikely.
--
Looking ahead
There really isn't anything significant due tomorrow. The only aspect to be mindful of are a few Fed officials. Any comments from the printing maniacs might be enough to kick the market lower, not least if one of them dares mention the T word.
*the next sig' QE-pomo is not until Thursday.
--
Still a chance of the sp'1730s
My downside target for the last two weeks has been the sp'1730s, and I still think there is a chance of that being hit. We're only talking about a brief 2% drop across 2-3 days, before the dip buyers would pile in again. I certainly don't think the downside is trade-able though.
I remain largely on the sidelines, with zero intention of shorting the indexes for some months. It was a quiet day indeed, tomorrow can only be more lively..yes?
Goodnight from London
-
Video update from Mr Permabull...
--
Dow, monthly'2, rainbow
Summary
On a quiet day..lets take a look at a few miscellaneous bits and pieces...
Copper, monthly
Certainly..Copper seems stuck at the monthly 10MA. The big $3 threshold remains key. If that breaks, it bodes badly for the precious metals and mining stocks.
WTIC Oil, monthly'2, rainbow
Like the broader commodity index, Oil is weak. Many out there now seem open to Oil back in the mid 80s. A break below the June 2012 low of $77 seems very unlikely though.
US 10yr T-bill, monthly
A simple extrapolation of the previous multi-year cycle (interestingly) gives a target date of late 2015. I'd have to guess 10yr yields will rise to the 4s..perhaps 5s, before the next big turn.
BDI, monthly
If the main market 'broadly' rallies into late 2015/early 2016, I think the BDI might manage to claw to the 6000s. Certainly, the commodity bubble peak in the 12000s seems very unlikely.
--
Looking ahead
There really isn't anything significant due tomorrow. The only aspect to be mindful of are a few Fed officials. Any comments from the printing maniacs might be enough to kick the market lower, not least if one of them dares mention the T word.
*the next sig' QE-pomo is not until Thursday.
--
Still a chance of the sp'1730s
My downside target for the last two weeks has been the sp'1730s, and I still think there is a chance of that being hit. We're only talking about a brief 2% drop across 2-3 days, before the dip buyers would pile in again. I certainly don't think the downside is trade-able though.
I remain largely on the sidelines, with zero intention of shorting the indexes for some months. It was a quiet day indeed, tomorrow can only be more lively..yes?
Goodnight from London
-
Video update from Mr Permabull...
--
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