Tuesday, 29 April 2014

10am update - bears losing complete control

With the market breaking >sp'1875, the bears are losing what little control they had. A break into the 1880s looks likely this morning, and that will offer the first attempt to break the 1884 high. Whether that is taken out today, tomorrow..or later this week, doesn't really matter.



*I remain content on the long side, via CHK, DO, RIG, SDRL, and STX,

No doubt there will be increasing minor chop into tomorrow afternoon, but the underlying pressure should remain to the upside.

10.20am..minor chop in the mid 1870s, but unlike yesterday, we're not seeing a reversal. The gains look set to build.

A daily close in the 1880s...and perhaps a brief attempt to clear 1900 tomorrow afternoon.