Friday, 28 September 2012

1pm update - spiky hour

With the Spanish bank stress tests suggesting they 'only need 60bn Euro', the market spiked higher, doubtless stopping out a fair few of the bears.



Clearly, we have a lower channel/trend to break, which by the close of today will be 1437. Anything under 1435 would be arguably a clear break, and the 1420s up for Monday morning.

Q. Any one know why the FB trash is up 7% today? Other than a short-cascade up, its laughable, and just looks an easy short for late Oct/November. Target remains $15, then 12/10

FB, daily

back at 2pm