Friday, 27 April 2012

12pm update - Frustrating Friday

Today is starting to get real frustrating. Lousy econ-data, the Spanish downgrade to 'semi-dirt', and here we are still holding over SP'1400. Is the Bernanke whacking the giant red 'BUY' button on his desk today?



Not much to add, its time for lunch, and as it is, it doesn't look promising for even moderate sell-side action this afternoon.

Bears need (as I've been saying since early Wednesday) to break below the 10MA, now 1397
All the bulls need is a mere flat close, around 1400, that would suffice, and will almost guarantee that both the weekly and monthly cycles remain broadly bullish as April concludes next Monday.

The most disturbing thing of all, we're now only 20 SP' points away from breaking a new high.

I'm getting real tired of this..again. Sigh.