Positive Thursday

US equity indexes closed broadly higher, sp +7pts at 2636. The two leaders - Trans/R2K, settled +1.3% and +0.8% respectively. VIX settled -7.8% at 10.16. Near term outlook offers a weekly close around 2645/50. The year end target of 2683 remains on track.


sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode. Cyclically, the s/t setup always favoured the bulls, and the market duly leaned upward into the afternoon, with notable sig' strength in the Transports.

With equites pushing upward, volatility was naturally ground lower for a third day. The 9s are clearly viable into the weekend. Something to consider is that the 8s, even the 7s are possible by year end.

I recognise some of you are still seeking some kind of mid/long term top, but I sure don't see it any time soon. Sp' 3K seems a given, as early as next spring. If certain stocks break certain thresholds (such as INTC >52), along with sp'3100s, then you can add another 800/900pts to around 4k. T-15 trading days left of the year.
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The First glimpse of sun in London since Friday Dec'1st.

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Goodnight from London
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Moderate midweek chop

US equity indexes closed a little mixed, sp' -0.3pts at 2629. The two leaders - Trans/R2K, settled u/c and -0.5% respectively. VIX settled -2.7% at 11.02. Near term outlook offers moderate chop within sp'2630/65. More broadly, the year end target of 2683 remains on track, with sp'3K viable as early as next spring.


sp'daily5

VIX'daily3

Summary

It was a day of moderate chop, with the sp' seeing a morning low of 2624, and clawing upward into the low 2630s. VIX itself remained naturally subdued, settling in the low 11s. It should be clear, not least based on recent price action, the sp'2700s and Dow 25k are viable before year end.

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Looking back to look forward

US equity indexes closed broadly weak, sp -9pts at 2629. The two leaders - Trans/R2K, settled - 1.3% and -1.0% respectively. VIX settled -3.0% at 11.33. Near term outlook offers a fair amount of moderate chop, as cyclically, the market is over-stretched. The year end target of sp'2683 remains on track.


sp'daily5

VIX'daily3

Summary

Suffice to say.. it was a day of chop, with the market seeing some distinct cooling in the latter half of the day. Tech notably outperformed the main market today. Despite the swing from sp'2648 to '27, the VIX stayed red the entire day, and is indicative of underlying capital market confidence.
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Today I wanted to highlight some chatter from the lunchtime show...

BAC's Ms. Subramanian is seeking the sp'2800s in 2018. Its broadly inline with many...

Naturally, I had to wonder... 'ohh, so what did BAC/Ms. Subra' think last year?


A little digging in my archives...

... and ohh lookie, (Dec'19th 2016) BAC were seeking 2300 for end 2017. That is a monstrous 365pts shy of Monday's high, and that number might even increase >400 in the remaining 17 trading days of the year.

Yours truly IS leading the curve. My original target of 2683 has come within 18pts of being hit. 

Ohh, and yes, I am already finalising an end 2018 target. Those of you who follow me particularly closely will already have a fair idea of what I'm likely to soon make official.

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