Friday, 5 July 2013

12pm update - an important afternoon ahead

The market is still struggling, despite the 'reasonable' jobs data. Clearly, the higher bond yields are causing some underlying upset, and the very strong USD is similarly pressuring things lower, not least the precious metals, with Gold -$35.


10yr yield, 60min


Suffice to say, it remains a borderline situation.

The bulls are so far failing on their third attempt to break and hold above the 50 day MA.@ 1624


*I remain short (deeply underwater), and will likely exit if we close >sp'1628. If the bulls manage a ramp into the close, there seems little point holding short, whilst there is renewed threat of some 'weeks' of further upside.

Difficult day.

12.05pm... sp'1625...a mere 3/4pts from busting the weekly key I see it.

Its not looking good.