Thursday, 29 November 2012

Closing Brief

The market again closed higher, although a little below the morning highs. The weakness in the closing hour was nothing significant, but everything is now set up for the next down cycle across Friday, and into early next week.





Despite the choppy closing hour, everything is set up for some degree of down cycle tomorrow, and that may last into early next week.

What is critical to realise is that a break of the sp'1400 level would break the current up trend from the sp'1343 low.

All those bears who have been shorting today - and indeed across the past few days, only need to see a move back <1400 for some major downside action to occur.

So, I will hold short into tomorrow, and look to be short across (at least) the first half of December. As ever though, there will up cycles to avoid, regardless of whether I'm right about the broader (much anticipated) down trend.

The usual bits and pieces across the evening.