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Don't want to get ahead of myself here, but the market is looking a little toppy...target 4160.
If you take the conspiracy theorists at face value, the Fed is battling to balance the forces of demand for treasuries (benefits from a lower USD) and a stable market (guess that means that equities heads up). With treasury auctions on the horizon again you have to give at least a little weight to The Evil Speculators observations on POMO activities.
Still I'm game for a pullback. Sentiment is at extremes that suggest stops will fuel a move to the downside (see The Technical Take)
On the postive, QBE is holding the trendline and looking solid for a move higher...
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Agreed. I think your short may be in the money by the end of next week.
ReplyDeleteYesterday was a perfect move of money away from stocks which have rallied hard and towards the QBE's, WOW's, CLS's and others.
Gotta get me some of those CSL...
ReplyDeleteI'm just not sure at what price though. CSL is pricey at a forward PE of around 18, plus the FX effect can't be helping.
ReplyDeleteJeez, the markets up over 40 points at the moment...just ignore my first comment.
ReplyDeleteTalk about the triumph of hope over reality?