Tuesday 22 July 2014

Equity bears have nothing to tout

Despite a little weakness to begin the week, the equity bears have nothing of any significance to tout. Indexes remain very close to historic highs, and the VIX reflects a market that is able to shrug off any geo-political concerns.


sp'weekly8


Summary

We have started the week with a third consecutive blue candle on the weekly 'rainbow' chart. Certainly, if we close this week with another blue candle, it'd offer a small hope of more sig' downside, but price action sure doesn't support it.


Looking ahead

Tuesday will see CPI, some housing data, and the Richmond Fed. That should be more than enough to give the market a nudge (probably to the downside).

*next sig' QE is Wednesday
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Goodnight from London