Monday, 20 May 2013

3pm update - weakness into the close

The market is due a minor wave lower into early Tuesday. Primary target for a floor is sp'1650, and considering a mid-size POMO tomorrow, bulls can probably expect a latter day recovery. Metals have seen a strong reversal, but like Oil, slight weakness into tomorrow.




The market remains a bit of a confused mess. Underlying pressure remains to the upside, but there is surely a significant likelihood of downside into early tomorrow?

*I will sit it out until early tomorrow. Long Silver seems an interesting trade, long Oil is currently a secondary target...but neither looks good into the Monday close.

3.42pm... marginal short-term pressure to the downside. There remains a 'small' chance of hitting the low 1650s early tomorrow.

back at the close