The collision of global markets and social mood

Monday, July 1, 2013

I Like Mondays

Futures have rebounded to their pre-Friday afternoon sell-off levels. This keeps the pressure on for higher prices, and preserves the shape of the triangle that has formed over the last few days.

Therefore, the targets are still the same: the 1628.93 gap, 1638 (61.8% Fib retracement), even the 1650 volume shelf.

Friday 1603 was breached. I'd said if it was that it would be a cause for concern, and it still is in my world. But the fact that the market rallied after breaking it is of larger importance to me now.

Ireland wants to recoup part of the money it contributed to the European rescue fund. Most every country in the EU is under stress, yet each country has to pay to bail out another. I don't care what the EU bureaucrats say: it ain't over.

Today through Wednesday should very be light trading ahead of Independence Day. And Monday's are somewhat slow during the summer anyway. Regardless of what anyone says though, I like Mondays. Happy Monday.

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