Thursday, 24 May 2012

2pm update - a fine example of why the EU is doomed

Market still showing some moderate weakness.



*Bears should be seeking a close under the hourly 10MA @ 1311. That is certainly within range, with still 2 trading hours to go.

I've added a little target box (yellow) for Friday. We have a possible ascending line (purple), and the bounce or break box at the 1300 level. So, if we see 1298 or lower tomorrow, that would be pretty exciting, since it opens up possible new lows of 1280/60 early next week.

Whilst watching this nonsense market, a little background music can often help...oh yes, its that time of year in the EU, its 'Eurovision' time (the final is this Saturday). I think the following song sums up all we need to know about the EU.

A little afternoon entertainment....Euro-style ;) Enjoy

*I think the Montenegrian 'Rambo Amadeus' is referencing some kind of objection to certain ECB monetary policy objectives (does he not like the LTRO 1, 2.?),...but as ever..its just my 'best guess' ;)

More later.