It seems the market can't decide where to go. France's downgrade to AA1 should have pushed the market down and so should Goldman Sachs warning of a further 8% drop by year end, but we should not forget that there is an army of people who still need cash in the run up to Xmas and the market is driven by self interest.
The big gap down this morning was quickly closed and there is now the start of a pennant/wedge. Normally the SP would alternate between 283/287 then break back up to 289 this afternoon before repeating but I think there is further downside to come so for the moment I will stay out.
I can't believe that the threatened invasion of Poland, oops sorry, Gaza, has not had an adverse effect. on the markets. But then, of course, that will be seen as a positive by those horrendous zionists who seem to control the world economy.
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