Friday, 22 June 2012

12pm update - still waiting for higher prices

Today's chop still has an underlying up trend to it. As I like to say..the good a patient bear.

A reminder on the bigger picture...

sp, daily, 4mth



There will be strong resistance at the recent 1335/40 level. I would find it hard to imagine the market managing to break into the 1350s...for some months to come.

The daily cycle is without question falling. Today's chop/slightly higher levels is merely giving everyone the opportunity to exit remaining longs/take new short positions.

There can be no excuses for anyone today.