ANOTHER DAY, ANOTHER RECORD

In the last two weeks everything was about a rally. Green bars everywhere across the board. The SP500 closed again at new high on Thursday – 1.920 – and made its 13th record of 2014. Yesterday the market didn’t care at all about the disappointing Q1 US GDP data, all major indices just stopped for a while and then gained further. The market does what it wants to do – go north. Nothing can stop this movement, Mr. Market wants to go up higher and nothing could block its own way.

• Dow 16,699 +66, +0.40% 
• Nasdaq 4,248 +23, +0.54% 
• S&P 500 1,920 +10, +0.54%

Show the strength of the bullishness that all three benchmark US indices closed at their intraday highs at yesterday US session. Most likely this pattern means more gains in the following couple of days.

In Far East, the Nikkei has just finished six days rally in row and closed higher yesterday again. Basically we are quite bullish in Nikkei in the last weeks and we are expecting more gains further in June and July because the index has not performed well and was oversold in the Q1 2014. And, it is a good bargain now.

In Nikkei on 21st of May there was a clear break out at 14.200 resistance level and our next target is at the key level of 15.000 points.

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The BFM Assets Team.