FOR TUESDAY: (12/6) Trade waiting on the ECB on Thursday and the feeling is that QE will come to an end and that rate hikes will come eventually and the Euro is happy—and it is very oversold anyway. We have more of a bias for an upward breakout on stocks than a breakdown. There is a sense from currencies that a more significant turn is happening for December and yet we need a few more clues–and the chance for acceleration right away before ECB seems unlikely for the Euro or the dollar.
S&P ANALYSIS FOR TUESDAY: (12/6) Lot’s of mixed technicals, patterns and cycles. Support is at 2198 and 2195.50-2196.50. Much below 2195 and especially 2190 would suggest congestion before ECB to 2185 rather than acceleration to 2230-35. Risk-taking cycles are still rather strong the next few days so that the chances for a breakout seem stronger than a move to 2150. The DOW made new highs. NQ continues to struggle despite Apple’s self-driving car. SP cash filters out the noise and projects 2184 but cash hitting and taking out 2217 would negate that thought. Tuesday may be the best day for a breakout. More inclined to be a buyer above 2195 if the market doesn’t surprise overnight. We also have contract rollover to the March contract by Thursday and that will add another layer of complexity to trading this week.
OVERALL: (12/5) It wouldn’t take much to create a 3rd-wave acceleration to 2235 and 2250 and at this point a pullback to 2185 may be all we get. We have a bias for higher prices from FOMC into Dec. 22 and then lower into the end of the year and probably retracing into the Inauguration.
WEEKLY CHART: We do expect 2345 on cash next year for a new high. 2420 is not out of the question before this bull market ends and it takes a long time to turn a steam liner around in the ocean so V tops and crashes are not to be looked for and publications that steer you that direction are being too sensational.
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Temporary home is short-term pain for long-term gain says Scarboro Surf Life Saving Club president | Community News Group
SCARBORO Surf Life Saving Club’s president says the club’s new shipping container home for the duration of the foreshore redevelopment is a case of short-term pain but long-term gain.
The iconic 53-year-old building was demolished in July to make way for the $75 million redevelopment scheme, with a new upgraded clubhouse for the members.
President Alan Carville said the club had made six shipping containers at the northern end of the beach their home for now, without the gym, function room bars and hot showers at their previous headquarters.
“The demolition was quite traumatic for some of the older members; guys that have been here for 70 years and have been actively involved, but we’re trying to make sure we still have those social events, even while we’re here,” he said.
“The transition from the old club was a lot of work over a fairly short time frame because the actual date when they wanted us to move was a bit fluid and all of a sudden it was going to happen.
“People just came out of the woodwork and helped from the club, it was a real team effort over a few weekends.”
Mr Carville said the move had been a blow to the club’s membership, with numbers low for the upcoming season.
“It has dropped off… we’ve suffered membership wise but I don’t think that is unusual because people join SLSC for different reasons,” he said.
“If they are a competitor and that is their main reason, then they will go to another club so they can get the opportunities that they can’t get here while we don’t have a clubroom.
The move will mean regular lifesaving services will need to be more agile, according to Mr Carville.
“We’re actually really fortunate that we have had such terrible weather over winter; we were able to shake out things that were going to be an issue,” he said.
“We don’t have hot showers but we’ve done well compared to other people, so we’re happy to work out of here for two seasons; it’s quite usable.”
Mr Carville said plans were underway for a shipping container café at the club at the end of the month.