I have a hard time from a fundamental point of view in seeing today as anything more than another short-covering rally following another kick-the-can down the road announcement that does not address the fundamental problems of the Eurozone structure.Nevertheless bears need to monitor this potential bullish setup and hope for a swift reversal.Last 2 years saw a significant reversal in the first week of July in most markets.
Interestingly,the FTSE chart does not look as worrying from a bear's perspective.Is this because of concern over UK banks ? Chinese slowdown effect on miners ?
Interestingly,the FTSE chart does not look as worrying from a bear's perspective.Is this because of concern over UK banks ? Chinese slowdown effect on miners ?
Rallies within bear campaigns are usually the most violent, media hyped and seductive. It is interesting that this monster move comes at the end of the quarter and prior to a geometric harmonic for the S&P 500.
ReplyDelete7-Jul-11 1356.48 hi +360 = 1-Jul-12
06-Mar-12 1340.03 low +120 = 4-Jul-12
02-Apr-12 1422.38 hi +90 = 01-Jul-12
01-May-12 1415.32 hi +60 = 30-Jun-12
Next week should be interesting.
Check out the wild rallies that occurred in 2008 during the meltdown. Bears are more difficult to ride than a Bull.
Yes those Gann emblem dates are certainly provocative .Thanks for posting ! (There's a 720 degree date too )
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