Monday, 18 June 2012

12pm update - lunch time chop

Early losses, then minute gains, and now back to moderate losses. Considering the great concern over the weekend this chop-fest is to be expected.

This small scale battle between bulls/bears seems likely to continue for some hours. However, the underlying bias remains UP. So...the wise and patient bears will be staying away from this skirmish.




Nothing much else to add....I'd still guess we close moderately green. That sets up for a move into the 1350s either tomorrow or early Wednesday.

Whether we can break to the secondary target zone of 1380/90 by this Friday, that is arguably entirely dependent upon the action of the FOMC.

The monthly cycle 'bigger picture' target remains sp'1150/00 by end July.

Time for lunch!