Friday 8 May 2015

Closing Brief

US equities closed significantly higher, sp +28pts @ 2116. The two leaders - Trans/R2K, settled higher by 0.6% and 0.8% respectively. Near term outlook is bullish, with first target (via the weekly cycle) of the 2140s. It is just about feasible for the 2160/70s by the next FOMC of mid June.


sp'60min



Summary

*as expected.. some closing hour moderate strength, as the remaining bears cover into the weekend.
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... and another twisted week comes to a close.

For many.. its been a bit of whipsaw week. Moderate gains to start the week, then a fairly fierce down wave from 2120 to 2067. The Thurs/Friday gains have already brought the market to within 0.5% of new historic highs.

Lesson of the week should go to Yellen... who should try to refrain from any discussion of equity.. or for that matter... ANY type of asset valuation.
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Sincerely... have a good weekend
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*the usual bits and pieces across the evening.. to wrap up the trading week.