Thursday, October 6, 2011

Quick shot (up) - 6 October 2011

A quick note here that we may be seeing the beginning of a sizable rally.

See an earlier post where an uncanny similarity to 2008 was compared. So far, 2 weeks later, the uncanny similarity still holds! I will show an updated comparison chart later.

The price action yesterday show a coordinated roll-up of the markets yesterday, which had the USD hit a resistance and correcting, while crude and the ES futures making a headway rally. While I still cannot say the worst is over, I have to concede that it might be bullish for a while.

Today sees ECB announcements at 0745 ET, and US unemployment claims.
Tomorrow is action packed with Non-farm Payrolls and the Unemployment Rate.
For now, the charts are showing a decent amount of bullishness... Am watching closely for volumes and supports to follow.

The MadScientist
6 October 2011

Note: Any material posted here is of my sole opinion, and my opinion may differ or change. This is NOT a solicitation nor advice proceed with anything else as a consequence of reading these materials. The materials presented here are intended for educational purposes only.

Charts by ThinkDesktop by TD Ameritrade IP Company Inc.

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