Yesterday, I was intrigued to see on how Bill Fleckenstein called Tim Seymour “a jerk” on the air, since Tim was needling Bill about missing out on the Fed-created stock market rally.
The high window opens on SPX today and runs through to Monday 3rd October. During this period Stan and I are expecting to see a very significant high made that would then be followed by a decline that would be considerably larger than the modest retracement just completed. We are looking for a likely full retest of the all time high, with an eye on higher targets in the 2203, 2206/7 and 2210 areas.
On the daily chart SPX confirmed the break back over the daily middle band with another close above it yesterday. This opens a possible test of the daily upper band, currently at 2202. I’d generally expect to see a retest of the middle band from above today or Monday, and that is currently in the 2161 area. SPX daily chart:
It’s a pretty quiet morning, except for the 3,893th rumor about some kind of OPEC agreement (which, again, was dismissed). Glancing at small cap equities, it’s startling how swiftly they undid the damage from two Fridays ago (tinted below):
An absolutely superb rendering, although it proves once again that tenors are weird.
Some of you may recall that I’ve been hard at work (for literally two years) on a new project called House Safari. I’m pleased to say that this iPhone app is ready for launch, but I wanted to ask you a favor: although we have released it to the Apple iPhone app store, it is deliberately a NON public release, because we wanted a few folks to download it and make sure there weren’t any show-stoppers. In other words, we want to make sure it installs smoothly for you, since we don’t want any last-minute problems for the public release.
If you’re interested in downloading the “production” release of House Safari, click here to send me an email, and I’ll send you the access code soon. All you need is an iPhone and a willingness to try it out and make sure it doesn’t cause your phone to burst into flames. Thanks.