The major U.S. indices are looking for an excuse to go higher. This thinking isn't coming from some mystical Fibonacci extrapolation or data mining a sip from the firehose of news, short interest numbers or even quantified sentiment indicators.
Rather it is based on not much more than too many decades watching/working various markets around the world. The U.S. markets still exhibit too much wariness and too little hubris, there's no George Gilder making up words like "telecosm".
(when was the last time you heard that one, huh?)
To steal and paraphrase a line from the mayor of Alphaville, Paul Murphy (in a very different context):
[the market]...now has a binary choiceThat choice is: "Does the market rip higher from current levels" or does it flush and flash before ripping higher?
Long suffering reader note's either way the answer is higher, the only question is how short a timeframe do you focus on and how much do you tighten your stops and sphincters.
S&P 500 1,556.89.
From the BBC:
We've got plenty of time to trade the upside before we "...sink into the abyss of a new Dark Age, made more sinister, and perhaps more protracted, by the lights of perverted science...."Cyprus has made "significant progress" in talks with the EU and IMF aimed at securing a bailout, Cypriot Finance Minister Michael Sarris has said.Mr Sarris was also quoted as saying Cyprus was considering a 25% levy on deposits of more than 100,000 euros (£85,000) in its biggest bank.
Cyprus has to raise 5.8bn euros (£4.9bn; $7.5bn) before Monday to secure a 10bn-euro loan.
Parliament has approved restructuring the island's banks, among other moves.
But it rejected a levy earlier this week, before EU pressure brought the proposal back to the table. The rejected proposal included a levy on smaller deposits.
On Saturday afternoon more than 1,000 bank employees marched to the Cypriot finance ministry, stopping briefly at the presidential palace on the way....MORE
I also swiped and repurposed that line.
Churchill -before the House of Commons-18 June 1940
