Tuesday 23 September 2014

Keeping things in perspective

The week certainly started in favour of the equity bears, but really, it is somewhat laughable to see some getting overly excited, with the market just having broken new historic highs last Friday. The broader trend remains... UP.


sp'weekly8


Summary

*I remain reluctant to get overly focused on any kind of wave count. Without question, the broader trend is still a series of higher highs.. and higher lows.
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So, we start the week with a blue candle, but we're still comfortably above the weekly 10MA - at least for the sp'500. Unless we lose 1990 this week, and get a weekly close <1975 or so, bears have little to tout.


Looking ahead

We have a trio of fed officials talking tomorrow, Mr Market will be listening as ever.

In terms of econ-data - house price index, PMI manu', and Richmond Fed'

*there is QE of around $1.7bn... bears beware!
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Goodnight from London