Friday 8 August 2014

Closing Brief

US indexes closed with significant gains (after overnight declines), sp +22pts @ 1931. The two leaders - Trans/R2K, settled higher by 1.3% and 1.0% respectively. Near term outlook is for the sp'1950/60s.


sp'60min


Summary

...and another wacky week in market land comes to a close.
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I'm real tired...suffice to say.. I think its semi-safe to call a floor at sp'1904.

We should battle into the 1950/60s next week... where we'll probably get stuck.

Whether we then unravel in a stronger down wave.... very difficult to say, although for the first time since summer 2011, the monthly cycles are now turning bearish.

*I hold LONG the indexes across the weekend

Have a good weekend everyone.
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*the weekend update will be on the US monthly indexes