Update for: 2011-10-24 - 2011-10-30
Posted on: Sunday, 23 October 2011 18:03
Short-Term Trend: downtrend
This market has been dead for so long, but as you re-call, I have expected to see a breakdown eventually. And the main reason I have expected this is because th market remains firmly below the declining 100-day moving average.
Last week the market continued to trade sideways but then on Friday, made an important breakdown below the 76.10 level. So, the next leg down twd 74.50 initially and 68.70 eventually seems to be under way. Should the market return abv 77.10/20, we will know that the market has fooled us, i.e. the breakdown has not been real.
Strategy: Holding short from 76.10 remains favored against 77.30.
I am travelling in the next couple of weeks, so the next update will be posted on Sunday, Nov 13th.
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