Friday, 7 June 2013

11am update - not... a failure

Well, after some rather scary opening weakness (notably in the R2K), the market is holding the gains...and building upon them. Sp'1640s now due. If bulls can manage a close around these levels, the daily charts will confirm the new up cycle at the close of today.



*Were I not writing here, I'd turn all this nonsense off and merely come next Monday.

I'm well beyond my tolerance levels for the market right now. Urghh

Regardless of myself, the bulls have clearly broken above the declining triangle resistance. That is clearly a major victory, and any close >1635 would suffice for the bullish case for at least the next week or two.

Transports starting to rip

Thats the kind of move the bulls really need to clarify whether yesterdays move was a small wave higher..or the floor.

For the record, I remain HEAVY long, I'd prefer an exit later today. I'm still marginally underwater, which is really annoying.

I will probably hold into next week.