11 July 2014
SP 500 and NDX Futures Daily Charts - Pivotal Week Ahead - Mortgage Slump
As you can see on the charts we have symmetrical triangles on the big stock charts.
It looks like next week will be a pivotal week for US equities.
There will be more in the way of economics news and earnings, and I believe that Janet Yellen will be doing her Humphrey-Hawkins testimony.
There was some analysis today that most cash home purchases in the US can be attributed to buying by Wall Street and Chinese investors looking to expatriate their newly found wealth.
Mortgage originations from Wells Fargo are show in the first chart below.
And as you know I will be keeping an eye on some key international developments and other potential outliers.
I held off putting any straight up stock positions on, although the emotional side was itching to short the gross complacency.
I'll wait for a clearer signal from the charts, and a bigger trend change perhaps. One can become tired of these short term wash and rinse cycles.
Have a pleasant weekend.
Posted by Jesse at 4:23 PM