Thursday, 8 November 2012

10am update - a vain attempt to bounce

Good morning. Mr Market is still a little semi-shell shocked after yesterdays decline. It appears we're going to see some chop, with marginal upside this morning.

Those bull maniacs seeking any move back over the Tuesday peak of 1433, are going to be real disappointed into next week.





So, no gap lower today, and we're seeing a little bounce..although in the scheme of things, its extremely small.

I think key declining resistance is the hourly 10 @ 1404. I would be very surprised if we manage to hold above there for more than a few hours. By the end of today, that 10MA will be around there is some distinct problem for anyone going long at the 1400 level.

I remain short, seeking my next exit around 1380.

A long day ahead...stay sharp everyone!

back at 12pm..or earlier if anything happens.