Home > Uncategorized > 2012/09/24: Quick Post: Weekly Calendar available with QE influence still positive

2012/09/24: Quick Post: Weekly Calendar available with QE influence still positive

© 2012 ROHR International, Inc. All International rights reserved.

The weekly Report & Event Calendar is available through the link in the right hand column. The Technical Projections and Select Comments from last week are already available and still relevant via the link in the right hand column. The Summary Perspective on Key Influences will be posted later this evening, and we hope you find that useful as well.



It was a light data day, and that is going to be the case through most of this typical last week of the month. The heavy economic releases do not occur until Thursday into Friday.

While the German IFO may have also been a bit weak this morning, the QE3 psychology (at least in the near term) remains ‘bad news is good news’, at least insofar as it reinforces the degree to which further quantitative easing is necessary. And that is regardless of whether it actually helps the real economy in the longer run.

Looks like ‘Buzz Lightyear’ Bernanke (“To infinity and beyond”) triumphs for now, abetted by the others that have joined the global Central-Bank-athon QE Festival. And the really big economic flow this week will not come until that typical end of month late week data. So look for markets to trade around current ranges until later this week unless there is some sort of geopolitical shock.

General Market Observations

As we noted last Thursday, while we were are skeptical of the equities in the intermediate term, December S&P 500 future rally above 1,445-40 on the major Fed QE3 influence remains the key influence keeping it constructive for now. There are other seasonal technical factors assisting the near term upside momentum. As such, even though it stalled right near the interim 1,462 resistance on Friday, it has not yet come close to violating the more important lower supports necessary to reverse the current up trend. As long as it continues to hold 1,445-40 it will not only likely retest 1,462 but also extend the rally to the September contract high of the rally up at 1,474.50; and may even push on to higher resistances prior to a more major intermediate term top.

Thanks for your interest.

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