Thursday, 6 September 2012

Closing Brief

The opening gains held very well for the bulls, and the large bullish pennant that has developed across the last two weeks was confirmed with today's snap higher.

Further upside is anticipated, target is sp'1445/50, probably sometime around Tue-Thursday.





As permabear, it is often too sickening to go long, so even though I expected today's move I did not go long. However, at least I got out of the way of this freight train, and was not short. If I could see this snap higher coming -as bearish as I am, it is surprising to see so many who did not. You won't see many finer examples of a bullish pennant, with the bollinger bands super tight.

Tomorrow could open a little lower, but regardless of what the open is, I sure won't be getting involved until later next week. Re-shorting around 1445 would be a very nice level to get back on the doom train.

More across the evening.