Friday 4 October 2013

Closing Brief

The market ended the week with moderate gains, the sp +11pts @ 1690. The two leaders - Trans/R2K, rose 0.5% and 0.9% respectively. Near term trend remains choppy, with the weekly/monthly charts still broadly pushing to the upside.


sp'60min


Summary

For the bears..this is another deeply disappointing week. Only Thursday showed any decent downside action, and even that was met with a strong bounce into the afternoon.

It was a rough week for many traders, and I'm guessing next week won't be any easier. Without question, any 'normal' person should steer well clear of this market.

Arguably, the only decent time to get involved will be AFTER the debt ceiling issue is resolved, and then of course, it'll be a situation of 'chase it higher..or at least..don't short'.

-
Have a....restful weekend.
--
the usual bits and pieces across the evening.