Eoin Treacy's view

I had been betting that the S&P500’s overextension relative to the trend mean would be unwound by a pullback towards it, such as we have seen on previous occasions this year. Instead, the market has moved mostly sideways for the last couple of the weeks and broke upwards yesterday, following Janet Yellen’s dovish comments. My position was closed at 1780.72 against my sale on October 23rd at 1740.38 including spread-bet dealing costs.