Markets are again moving ahead on the expectation of more stimulation. Although past stimulation has not done much for the economies it has boosted asset prices so these moves are not totally illogical. However the pattern on the DAX remains negative with the market once more above the Fibonacci retracement level.
Month: July 2012
Opening Report – 27 July 2012
Yesterday’s rally fits the bill of the expected c wave extremely well and there is evidence it has now peaked. If so we now have a third wave down starting up with a minimum expectation on FTSE around 5300/5350 and possibly a fair bit more.
Opening Report – 26 July 2012
We have seen impulsive declines and now we are going through a quieter period which is as we would expect from a corrective phase. I continue to look for more downside once this phase is over. Markets are also awaiting the US GDP figures tomorrow and the market reaction to these will be of interest.… Continue reading Opening Report – 26 July 2012
Opening Report – 24 July 2012
Markets are seeing impulsive declines and FTSE has either already seen five waves down or needs one more decline to complete this – see chart below. This suggests a rally of sorts but we are again into event-driven territory with Spanish Bonds under severe pressure (Greece must be glad to be out of the spotlight… Continue reading Opening Report – 24 July 2012
Opening Report – 20 July 2012
Markets are moving into expiry on a high note but it is what happens in the next couple of sessions which is important. UK FTSE 100 FTSE is now at 5693 down 20 points. FTSE is having trouble holding 5700 but the final expiry gasp after 10h00 may sort that, briefly. We are seeing with… Continue reading Opening Report – 20 July 2012
Opening Report – 19 July 2012
Expiry action continues and markets moved up yesterday. If we look at FTSE it closed on Friday at 5659. It then spent Monday and Tuesday going down around 40 points and has now rallied to take it up around 40 points from Friday’s level. However other markets have been far more positive with the DAX… Continue reading Opening Report – 19 July 2012