If we get up near 1690 in the S&P I’m going to start scaling in some shorts to 1700 as I’m not buying into this bollocks.
Unless I see something signed sealed and delivered we’re no better off than we were yesterday. Meanwhile the US economy on the ground is melting like a snowman in spring.
Stocks don’t care though as they make new highs. The S&P has been up to 1685.43 whil ethe Dow has touched 15043.26.
We have come quite a way down since the Sep highs but if we’re up on the rumours of a deal then unless we get anything concrete by tomorrow then we’re likely to see the kind of profit taking that kicked in last Friday. That’s something we should be aware of tomorrow.
Dow daily chart 10 10 2013
