Monday 8 July 2013

2pm update - baby bear flag?

The market has seen a small down cycle from sp'1644 to 1637, is that it for today? There still seems 'reasonable' chance of another wave lower to 1632/30. Precious metals holding gains >1%, whilst oil is still moderately weak.


sp'15min



Summary

Well, its entirely possible we'll just melt ALL the way into the close. Certainly, it makes zero sense to be considering any short trades after the weekly charts turned back upward last Friday.

This nonsense could easily rally for 'some weeks'.
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*I'm still waiting for somewhat lower levels - to go long, if not, then I won't get involved, at least not today.