Friday, 27 July 2012

10am update - Friday meltup..on more lies

Another Friday of nonsense, we're now just 10pts away from breaking the recent high..and its all starting to fall to pieces for the overall bear case.

With just 2 more trading days left of July, a monthly close of sp'1360/80..would be dreadful for the bigger picture bearish outlook.

*consumer sentiment: 72.3 vs 72 expected.   Clearly, everything is great for the American consumer.



*again, putting a black candle..warning of trouble for at least 'some' of the morning ahead.


I'm not expecting anything good for the bears today. I suppose a close under 1360 is possible, but..there just doesn't seem any momentum at all for the bears now.

We just earlier had a Reuters report about Merkal/Hollande will do 'all they can to save the Euro'. sigh.