Pre-Market Brief

Good morning. Futures are a touch lower, sp -3pts, we're set to open at 1788. Metals are mixed, Gold +$3, Silver -5 cents. Equity bulls have another QE today to offset what minor sell side pressure there is. Market should find support in the 1785/80 zone.


sp'60min

Summary

A daily close in the 1770s seems very unlikely, not least with sig' QE-pomo today.

I would be surprised if we broke new index highs today, more likely..this is just a sub'4..and we will see some price chop in the 1785/95 zone for the entire day.
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Notable early mover... TSLA, -1.2% @ $120. A mere $10 from my target zone.
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Video update from Mr Permabull



$60 TSLA ? Wow, I thought my 110/100 target was bold.
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9.43am.. minor chop..which will probably last for the day. 1785/80 should hold as support.

Broader outlook remains on track

Today was certainly an interesting start to the week. A latter day reversal - after new historic highs, with particular weakness in the once beloved momo stocks..and those 'not so shiny anymore' precious metals. Regardless of near term noise, the broader outlook remains on track.


sp'weekly8 - mid term bullish outlook

sp'weekly'4 long term bullish outlook

Summary

There really isn't much to add. Today was good in that at least another two big psy' levels were reached - all that is missing are the Nasdaq 4000s, not that it has to happen this week..or month.

The remainder of the year will surely reside largely on the side of the bulls..with a year end close somewhere in the 1775/1850 zone.


Looking ahead

There really isn't anything due tomorrow. The next main issues will be on Wednesday - retail sales/FOMc minutes.

*there is sig' QE-pomo....bears beware!
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A good start to the week (I'm short the metals..and am leaving those gods damn indexes alone until next spring)...I hope some of you are doing similarly okay.

Goodnight from London

Daily Index Cycle update

The main indexes broke new historic highs, with Dow 16000s, and Sp'1800s. There was some distinct latter day weakness, with the sp -6pts @ 1791. The two leaders - Trans/R2K, settled -0.3% and -0.8% respectively. 


sp'daily5

Dow

Nasdaq

Summary

The recent break into the 15800s for the Dow was a clear sign (at least to me) that this market has a lot of steam left in it.

Equity bears face relentless support via the fed, and despite any minor down waves in the coming days..and weeks..broad upside is still expected into spring 2014.

Frankly, I'm tired of the doom. Call that a contrarian indicator all you like, but hey..didn't we just break new index highs today?

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Video update from Mr Riley



a little more later....