Tuesday, 16 July 2013

Closing Brief

The main indexes closed moderately lower, the first negative daily close in 9 days. With the Bernanke due Wed/Thursday, and opex on Friday, we could just churn sideways for the rest of the week. Underlying pressure remains to the upside...bears remain exceptionally weak.



I can understand if some will call today the start of a new down wave, but really...weekly charts are still powerfully bullish, with broad upside likely into early August.

*I remain content to sit on the sidelines, not least with the printing maniac due for his little 'chat' with the US Govt. tomorrow.