2014/10/24 TrendView VIDEO: Concise Highlights (early)
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TrendView VIDEO ANALYSIS & OUTLOOK: Friday, October 24, 2014 (early)
As we have noted previous, Tuesday’s equities rally extension reinforced our perspective that quite a bit had changed since the equities’ depths of last week Wednesday. Even this week’s dips back from new highs for the current rally have been very nominal compared to the massive recovery from last week Wednesday’s 1,814 low. And while our negative views on Europe and Asia along with some skepticism even toward the US remain, various influences have evolved to reverse the outright negativity that was apparently overblown last Wednesday.
And that is reinforced this morning by the very limited equities dip in response to the first confirmed case of Ebola in New York City. We will further review those circumstances below. Yet the degree to which ‘Ebolaphobia’ (fears of suppressed US travel and retail shopping) has waned is as we expected. And the market response confirms that for now.
And there are now other near term constructive factors which will likely underpin US equities on selloffs back into lower supports that are most prominent in the 1,925-18 area and low 1,900 area once again for December S&P 500 future. Bigger resistances are not until 1,975-78 and 1,985 areas. While corporate earnings have been mixed, it is never a good idea to be too bearish into what can be upside surprises. And there is also the looming US midterm election. There is a great deal of optimism, rightful or not, being placed on the Republicans gaining control of the Senate; and what that might mean to constructive business and social reforms in the US. More on that below as well.
Video Timeline: It begins with macro (i.e. fundamental influences) discussion of some of the factors noted above. It also mentions the mixed data of late continuing with very weak Canadian Retail Sales Wednesday into those mostly better-than-expected Advance PMI’s (except for France) Thursday morning. It also notes the US PMI and KC Fed were weaker than expected prior to strongish Chinese Leading Index and German GfK Consumer Confidence this morning as we head into only US New Home Sales to end the week.
It moves on to the DECEMBER S&P 500 FUTURE short-term trend view at 03:00 and intermediate term at 06:40, with only mention of OTHER EQUITIES from 08:10, GOVVIES and SHORT MONEY FORWARDS from 08:45 and FOREIGN EXCHANGE at 09:30, returning to the DECEMBER S&P 500 FUTURE short-term trend view at 10:20 for a final look.
Authorized Gold and Platinum Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion and TrendView Video Analysis and General Update. Silver and Sterling Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion.