sp'weekly8 - mid term bullish outlook
Summary
So...a minor victory for the bears to start the week, but the declines were relatively minor, even for the more unstable/volatile market leaders - Trans/R2K.
Bears even have the weekly 'rainbow' charts offering the first blue candle, although that will probably turn back to green if sp'1710/20s later this week.
Best case for the doomer bears
The following is the most bearish outlook I can come up with, across the rest of this year/early 2014. Essentially, a down wave much like summer/early autumn 2011.
sp'weekly9c
Of course, if QE is 'largely' continuing this autumn - as I expect, such a scenario will be next to impossible to achieve. The style of the decline is pretty straightforward, and for the more conservative traders out there, they would wait until sub' wave'2 completes. Anyway, its just something I will keep in mind across the next 2-4 months.
Looking ahead
There are a few pieces of minor econ-data tomorrow, case-Shiller housing, and consumer confidence.
*there is no significant QE-pomo Tuesday...and absolutely zero on Wednesday.
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I am currently still long via SLV (annoyingly underwater), and seeking to switch to shorting the main indexes sometime this Wednesday.
Goodnight from London