A quiet end to a bullish week, the ES traded in a narrow consolidation range. With the S&P hovering around five year highs, the bulls are not likely to concede and go home: they want 1500 out of this earning season.
Quote from the 1/2/13 post:
[08:43] <CM> some econ news later in the week to note. if they continue to talk and show progress, we will see es eventually move into 1500 and possible 1652-83 for the year highs
The markets have every reason to look for higher ground as we go into next week. Wells Fargo began the financial sector with a higher earnings report. Hey, get free money from the government, pay no interest to savers, good things happen. This week we get builders and more bank reports. Funds are flowing back into equities. Add it all up, look for another push higher. Bears are not dead, yet. Just sluggish before a hibernation. The problem? They will get another good meal before capitulating.
TODAY
pa stalled at the LB and began a bearish TL down and completed the range run. Bull support develop two TL's (the second after a PB) as price meandered back up the range.
A slower pace, range bound day looking for a break out.
Hi CM,
ReplyDeleteOthernet seems down. Are you on another channel perhaps?
Regards,
Piet
not on another channel, certainly an option. I think we can use the chat in the webinar for now, and other options are being reviewed. More soon..
ReplyDeleteWebinar?
ReplyDeleteI have no address to a webinar. As you know I am interested in the levels though. Are you willing to send me an e-mail with the levels?