View: Buy S&P 500 dips with new highs in mind, leaning on 1,361 support
There is something of a mismatch between our short-term bullish expectations and more cautious mid-term equity views, built around how the longer-term charts have been developing, which makes the current corrective price action rather tricky to interpret. This degree of ambiguity is also reflected in the more immediate fundamental drivers, specifically what has so far been a disappointing earnings season not to mention the closely fought US election contest which has added to concerns surrounding the fiscal cliff. One could perhaps tack on the immediate failure of the market to rally on all that liquidity goodness delivered by Bernanke, QEinfinity as some have dubbed the open ended programme, as a further sign that the rally has exhausted.
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