Wednesday, 5 February 2014

11am update - breaking new lows

The market vainly tried to bounce on a fractionally better than expected ISM number, but very quickly failed. The bigger daily/weekly index cycles - both bearish, continue to assert themselves, and the target zone of 1710/1690 looks on track by the end of this week.




So.. a bit of a messy opening hour, even pre-market action was choppy...

Anyway..we've broken new lows, and continue broadly lower on a multi-week basis.

I continue to wonder about the Friday jobs data, what if it comes in negative? Its been over 3.5 yrs since a negative number (I think), and that'd give the market the excuse to wash everyone out on a huge daily decline into the weekend.

Long day still ahead...

*bears will have it easier after today..there is no sig' QE for the remainder of this week.

11.27am... so..err...who wants to go long here ?  

You can see market trying to hold the 1740s.. but really, this is all minor noise....I will try to highlight some of the bigger trends this afternoon.

Notable weakness: coal miners, BTU, -3%..back in the $16s...