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Aside from the small matter of Wednesday, the market has been up 4 of the 5 days last week. Much of the gains of course coming overnight as we follow Europe. It appears as long as the ECB can hold Italian yields down we're all happy, and most anything that moves must be purchased. This would actually have been a monster week upward, if not for Wednesday.

Looking at the chart, we do have (thus far) a series of lower highs of late - which could be fixed on a gap up Monday morning. Not really much to analyze with this market nowadays - you just have to wait for a headline to break, or ask what the ECB is doing, and we're back to the everything is correlated trade.

Since breaking back over the 200 day exponential moving average a month ago, we've had some serious head fakes, breaking back below it on 3 occasions .... but it has not led to any additional selling. A bit tricky. I don't have the 200 day simple moving average on the chart above but it is up there around 1272 which is where the market stalled earlier last week.

Source: Risk On, In Case You Haven't Noticed