Looking at markets' recent action, I've been feeling something like nostalgia. Really, it's such a beautiful moment. The one where you clearly see that all these "green shoots" are fake, but somewhere deeply inside you're enjoying it and would like it to continue as long as possible, just like we enjoy a sunny November day, here in Paris, knowing that the next 3 months it's gonna be rainy and cold.
As for me, I will very certainly associate this Indian summer with the biggest french retailer Carrefour publicity campaign : "Le positif est de retour" (The positive is back). Never before, I've seen so much rebated brand products and rebate coupons as during this campaign, - certainly because of a lot of money in the clients pockets and positive mood in general.
So, in my opinion, we should put in a top next week on cash SPX at about 1114-1125. The plunge under 1029 which should follow, will mark the end of this rally. As for Nasdaq Composite, I'm still skeptical about it's ability to make new highs (above 2190.64).
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