Thursday, 16 August 2012

Closing Brief

Significant gains for the broader market, which was certainly helped by all those who had short-stops at the 1410/12 zone getting booted.

No sign of a turn..the melt...continues.

IWM, 60min




What needs to be said? Market melt continues. I guess you could we're still in a giant narrowing wedge - although thats not the case for all indexes (Trans, R2K for instance).

A lousy day for those bears not already stopped out. As noted a few weeks ago, the serious money bears will have got kicked around 1380 though.

The primary monthly cycle is UP UP UP.