The big news on this Friday evening is that the weekly trend filter has turned up. This is the first bullish signal since it turned bearish in January 2008. The last time it gave a bullish buy signal, preceding that January 2008 bear signal, was July 2003 back when the index was at 3000. So it caught the move from 3000 to a little over 6000 in 5-years. The market caught a bid today after China quietened yesterdays fears of significant clamp downs on stock lending. Also of note today were comments by an esteemed ex-colleague of mine, a well respected economists and an ardent bear, who reversed his opinion on Australia and agreed he was a little misaligned. As I have stated, we’re overheated, but we can’t fight it. Go with the flow and see where it takes us.
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Suite 1/ 21 Sleepy hollow Drive
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