I’m off to see Hamilton tonight, everyone. This was my Christmas present to the family and now, seven months later, we finally get to go. Here’s a clip (go forward to 2:16 to skip all the nonsense):
Apologies for the intermittent updates over the last couple of weeks. It’s been very busy and I’m hoping to get back to posting every day again next week.
So another round of new highs and I read that the Vix has fallen to a 24 year low this week. There is an emerging consensus that equity indices will never drop meaningfully again and SPX and NDX are getting close to some big round numbers in the 6000 and 2500 areas respectively that are likely to develop a magnetic pull the closer SPX and NDX get to testing them.
So is it time to write off the bears altogether? Well we’ll still likely see at least retracements when the setups are right for them and as it happens the retracement setups are looking pretty good right here, though to develop negative divergence on the daily charts we would likely see retracements and then marginal new all time highs on both before any larger move. Those marginal new all time highs, at this point, could test those big numbers at 2500 and 6000.
This morning’s Daily Post brings with it, as always, dozens of colorful real estate ads. In one case, they’ve given up even trying to pretend the prices are sane……….
With both Japan and Europe out of the way, the FOREX markets have moving fractionally to offer the US dollar a little strength. Of most interest to me is the Yen, which itself is off by about a quarter of a percent, which is letting gold slip away from all that overhead supply it has.