Wednesday 6 June 2012

10am update - so..err..its time to short?

For the day-traders, this is surely the time and place to be hitting the short-button, with a stop a touch over the equivilant of sp'1300/1305. Yet, as I type, we're now at 1302, is this merely a stop wash-out?


Sp'15min



sp'60min


Summary

The daily cycle suggest we've completed wave'1 lower, yet both micro-cycles are now very over-stretched to the upside, we're due at least a minor move lower.

With the ECB annoucement and press conference all wrapped up, that leaves just the Bernanke tomorrow morning.

*so far today, I'm just watching this nonsense.

More later