Tuesday, 26 June 2012

2pm update - weakness in late afternoon?

Its certainly been another one of those choppy days..but then we are in a clear bear flag still..so its to be expected. With the econ-data now giving out what are warnings of a US recession in Q4, its amazing we're not already in the low sp'1100s.

Yet here we are, and the bull maniacs are still trying to battle upward, and take out the FOMC sp'1363 peak.




I will hold short overnight (from sp'1319), and am seeking a gap lower to 1305/00...an exit in the 1290s tomorrow would be more than an acceptable exit.

A close under the hourly 10MA - sp'1314, will be quite important for the bears to achieve. Anything under 1312/10 by the close would be bonus points.

Stay tuned!