Wednesday, 13 January 2016

11am update - yes, it sure remains weak

Without question, the broader market remains weak, not least pressured by Oil, which has seen yet another powerful bearish swing from +2% to -1.5%. Despite the morning weakness, equities still look on track to climb into Friday/Tuesday. The sp'1970s are not a bold target at all.



Yet another day where opening gains quickly failed to hold. That is something we're increasingly seeing, its just a matter of time before the mainstream mood gets spooked. The opening declines to the year were significant, but there has absolutely been no capitulation in the near term.

notable weakness...

Ford (F), daily

Frankly, its now one of the most bearish charts out there. You should be able to discern a slanted H/S formation. Note yesterday's black-fail candle... and we're spiralling lower.

*the bigger monthly cycle is highly suggestive of $8.00 by the summer.... and that would almost certainly equate to the sp'1600/1500s.

Meanwhile... in London city...

Its a rather nice sunset, if somewhat chilly.

time to cook !