Pre-Market Brief

Good morning. Futures are flat, we're set to open at sp'1884. Equity bulls remain barely 1% from breaking new historic highs on the Dow, SP, and Transports. New highs seem far more probable - due to 'Yellen comments', Wed/Thursday.


sp'daily5

Summary

I'm not expecting much from today.

There is no QE of significance, and Mr Market will probably just churn sideways ahead of Yellen talking to the US Congress tomorrow.
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Meanwhile, in Permabull land...



So..Mr C' now seems unsure, rather than yesterdays bearishness. I don't get it..is he not looking at the weekly charts, which remain outright bullish? Hell, any bull could go long, with a stop around the Monday low of sp'1866.
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Have a good Tuesday.
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9.08am.. So.. watching clown finance TV.. and I notice the TWTR is -7%...on the lockup ending.

Well, last week, with the floor busted, there was obvious 'open air' down to the IPO issue price of $26, which seems a given at some point this summer, not least if the main market does roll over.
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Indexes a touch weak, but really...a day of nothing looms.
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9.42am.. minor down wave....it is a buying zone!

Bears have no downside power...and besides, the Yellen is tomorrow...who wants to be short ahead of her?

Rough start to the week

For those equity bears getting overly excited at the opening declines this morning, the daily close probably makes for one of the most annoying Monday's so far this year. The broader weekly trend remains to the upside, with the sp'1900s likely by late Thursday.


sp'weekly8b

Summary

*I should note that in early morning, the weekly 'rainbow' candle did briefly flip to blue..but with the reversal..we are back to the fourth consecutive green/bullish candle.
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Looking ahead

There really isn't much of note tomorrow. Market will have a prime opportunity to melt higher, although it will of course remain susceptible to any sporadic negative news from the Ukraine.

*next sig' QE-pomo is not until Friday.
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Some doom chatter from Hunter..with Casey



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Update from Gordon T Long - from late March, but only just publicly listed.



This video covers the Petro-dollar, and Nat'gas/Oil prices. For the macro-economists out there, it is pretty interesting
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I am trying... still

Yours truly had a difficult day, not even the sunshine helped. I anxiously await earnings (due Wednesday) in CHK and RIG. Problem is..as ever, even if the numbers are good, perhaps Mr Market will trash the stock anyway - as it did to Seagate (STX) last week.

I could do with at least two good days this week. I'm getting real tired of this again, and I ain't even short anything!

Goodnight from London

Daily Index Cycle update

US indexes saw a pretty strong morning reversal, and the daily closing candles bode for new historic highs in the coming days (at least for the Dow, SP, Trans). The sp'500 closed +3pts @ 1884. The two leaders - Trans/R2K, settled -0.3% and -0.2% respectively.


sp'daily5

Nasdaq

R2K

Summary

I will often note the importance of candle type, and today's closing candles were the pretty bullish 'spike-floor' type.

They bode for further upside...into the sp'1900s..later this week, probably to be 'inspired' by some Yellen chatter to the US Congress/Senate.
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Closing update from Riley



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a little more later...