Wednesday, 31 July 2013

10am update - morning gains

With the econ-data coming in generally better than the market was expecting, the market is managing to hold moderate gains. Metals have snapped to the downside, Gold -$13, and now looking very weak for the days ahead.




*Chicago PMI: 52.3, not exactly 'inspiring' for the market, but still, its not recessionary.

I'm increasingly thinking the fifth sub' wave will drag into this Friday..if not early next week.

In the last cycle to 1687, the market hit the upper bollinger on the daily chart before the swift intra-day reversal.

Today, the upper bol is around 1719, certainly..a fair way higher from current levels.

For the moment, I'm in no hurry, not least with the FOMC announcement later today, and the big jobs data on Friday.