sp'weekly9 - fib retrace levels
Summary
Well, its been a very sleepy weekend. The news is pretty lousy, as the northern hemisphere starts to fully realise a long winter is ahead.
Sunday night futures are notoriously unreliable for the equity bears, and frankly, I'd not be surprised if they turn green by the time I wake up in another 12hrs.
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The following scenario is just something I am keeping in mind, and will get ditched if we consistently trade under 1900 in the current down cycle, but I don't think that likely. Similarly, any break much above 1990 in the next up wave... and the bears should be waving the white flag.
sp'daily4b
The ultimate issue is that any bounce, whether it is this week, next, or not until early November, will very likely just put in a lower high, and that is when the prime time for bears would arrive.
Oil for the deflationists
Its been some years of waiting, but we have a clear break of narrowing price structure... Oil is now lower for the fourth consecutive month.
WTIC Oil, monthly2, rainbow
$80 seems an easy target, and I will be looking for $70/65 early next spring.
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Doom chatter, with Hunter and Rickards
As ever, make of that... what you will.
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As for the week ahead... see the weekend post!
Goodnight from London... back at the Monday open :)