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US Calendar:
empty
Bond Market:
Treasury yields rangebound near lows amid holiday-thinned trade, despite firm stocks
USD-JPY rebounded back above 89.0 vs 88.2 trend low, half-year end flows abating
USD index bounced 0.4% to 76.90 despite stock rally and firm bond market
Stock Market:
Marketwatch:
Recouping last week's loss
Wall Street plays off fresh merger activity as Abbott Labs and Xerox announce multi billion-dollar deals
...SPX 500 defended the upper end of the Aug 28 High *1039/Sep 14 Low *1035 range and surged higher in what could turn out the early stages of another bull run towards the *1080/*1090/*1119 range in the near future
...the advance featured so far today:
-NYSE advance/decline ratio ~ 4:1
-NYSE strong up-volume within unspectacular total volume
-market direction neutral to bullish
-(-460/+226 buying power) diminishing towards day end
-selling into the most bullish market phase apparent
...as a result, until the index closes above the Sep 17 Peak *1075, the early stages of the envisioned bull run could include a second testing of support with a downside break-out possible
...looking ahead, a double top between *1080/*1092/*1119 should trigger a sharp 20% (+) sell-off during most of Q4 that should affirm its July low at 869 before stabilizing
Trading Strategy: sideline (safest);
-hedge: neutral to bullish bias to *1018/*1044/*1100; no equity exposure;
-hedge: short 10% equity covered; short bias (+); with equity exposure;
Long Term: THE BEAR
_no guarantees and trading strategies are just ideas_
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