Wednesday, 28 November 2012

12pm update - market rallying back

After a very shaky early morning, the market has put in a powerful floor spike, and looks set to break the recent 1409 high - either late today, or early tomorrow. Primary target remains 1425, where the 50 day MA is closing lurking @ 1423.




So...a classic morning reversal, with a very clear floor spike. Regardless of whatever chop we see in the next few hours, we're surely going to break higher..>1410...and thus to my original target of 1425.

Even to my own surprise - despite stating it for many days, that could still occur tomorrow.

*we have the Fed beige book at 2pm. Mr Market could easily use any 'green shoots' talk as an excuse to rally hard into the close.

time for lunch, back in an hour..or two

UPDATE 12.30pm  Despite a little shakiness from his highness just recently speaking, the market quickly recovers, and ramping to new intra-day highs.

A close >1411..would almost ensure 1425 will be hit tomorrow.