Sunday 17 June 2012

Sunday Night Update - Doomless

Those bears looking for some kind of 'omg, its the Greek election doom, it will be a black Monday'...will be annoyed if they look at the futures right now.

Sp' is showing +9, which would currently open us around 1351 at the Monday open.

Sp, daily, 4mth

There is a very long night ahead of course for those watching the futures wheel spin, I suppose its still easily possible we open marginally lower.

We have a busy week ahead, there will doubtless be further Greek news - and rumours, throughout the week. Arguably, the highlight of the week is the FOMC. Those hoping for the Bernanke to announce outright QE3 are going to be real upset when all they are likely to get is a minor extension of QE-twist.

In terms of the trading cycle, we're at day'10. The week ahead will very likely see this wave'2 max out, and then the 'interesting stuff' can begin.