Daily Wrap

Another relatively dull day for the US equity market, the one difference being new historic highs were not attained. Near term outlook is for a retrace back under the giant sp'2000 threshold, probably flooring somewhere in the 1980/50 zone.


sp'daily3 - fib levels

Summary

Very little to add. It would seem there is a fair chance that 2041 was a short term top. If so.. there would seem a high chance of at least a 3% retrace.. down to the 1980/70s... if not (briefly) the 1950s.

On no basis though, can I see a break under the very important sp'1900 threshold.
--


Closing update from Riley.. with the Pitbull



*a margin requirement of $27 million? Urghhhh
--


Looking ahead

Thursday will see the usual weekly jobs data, along with the Nat' gas report. There are a number of Fed officials speaking, notably, the Yellen, at some Fed-ECB conference.
--


Bankster bashing

There continue to be sporadic fines for the UK banks.. it would seem (not that I'm surprised) they have been rigging just about everything, along with regularly screwing over their own clients. In many ways, you got to give them credit for being so bold, lol

See the following by UK C4 reporter... Mason



The reputation of all those involved in high level banking was of course seriously tarnished with the bail outs from the last crisis. Considering the ongoing revelations, I don't see many having any respect for those involved in financial services.

When the next financial crisis hits (can't be more than 2-3 years away), there won't likely be any bail outs, but instead... an even worse scenario of bail ins. So long as Federal 'insurance' is legally enforced.. the average investor/saver has not a hope of escaping the bill to cover others 'failed financial bets'. I have no hope it will change any time soon.

Goodnight from London

Closing Brief

Another very quiet day in the US equity market.. although (for the equity bears) there were no new index highs, sp -1.5pts @ 2038. Near term outlook offers a very viable retrace to the 1980/50 zone.. before renewed upside into early 2015.


sp'60min

Summary

Little to add on what was a quiet day.

A great day for ESA, with the landing of the Rosetta probe 'Philae' on the comet. At the very least, it took away a great deal of attention from 'that woman', with the plastic ass.

yours...  100% real.
-

A daily wrap at 8pm EST>

3pm update - weakness into the close

US equities look set for some renewed weakness into the close. The daily 10MA of sp'2024 should be first target for the bears in the remainder of the weak, and that will open up a broader downside retrace target zone of 1980/50 before month end.


sp'daily5

Summary

Little to add...  on what is another rather quiet day.

Right now, bears should be merely looking for a break to the 2020/10s by the Friday close. In scheme of things..not very exciting.. and I certainly won't be meddling in the indexes - either side, for rest of the year.
--

Metals remain weak, Gold -$5, which is keeping the pressure on miners... which I remain short.