Monday 19 May 2014

3pm update - melt into the close

Market looks set for minor upward melt into the close, which will make for the second consecutive daily gain for most indexes. The sp'1890s look likely tomorrow, the only issue is can the bulls hold the 1890s..or will the sellers appear again?


sp'daily5


Summary

Well, we look set to close the day at least somewhat higher.

The big issue is whether last Thursday was a key low..setting up 2-4 weeks of upside - forming a large H/S formation for the R2K.

Regardless...at least in the near term.., the trend remains.UP.

*I will hold moderate long overnight, but am most certainly seeking to lighten up..if R2K 1120s tomorrow morning.
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3.14pm.. coming up on clown finance TV... Stan Lee !  ..finally a guest I can respect

meanwhile..the casino looks like we'll indeed melt into the close..sp' 1884/86 or so ..with the 1890s tomorrow.


3.20pm.. something for the gold miner bugs out there...

GDX, daily


Death cross tomorrow..or Wednesday...not exactly bullish!
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3.36pm.. ohoh, CNBC was good with Mr Lee, but next up.... a doomer bear..due to tout a 25% decline...

and no..I'm not doing media appearances.


3.48pm....melting ..melting...melting...UP

With QE tomorrow...equity bears face the usual problem.  

back at the close