OK, like I said, I have been a rabid bull the past few days (do bulls get rabies? … maybe I’m more of a mad cow, dunno). The price action now, though … the cash close was near on the high today (not quite at the high, bit of a tumble in the last half hour or so) but it has struggled in the ‘overnight’. London and Europe are about to come in, and there is a reasonable risk of a few headline bombs going off … you know, Europe to descend into the dark ages, the Gutenberg press repossessed by a broke bank, that sort of thing (I jest, but seriously, good probability of some sort of negative news impacting on the ES).
Might be a day to be a little more circumspect. I don’t expect a revisit to the lows. But I don’t expect a taking out of 1200 either. And its Friday, Friday, Friday. Those who know my superstitious nature know my fears of the Friday surprise move. So, bit of rangy action today (a wide range). Levels – have a look at your charts … but I’m thinking 1130 / 1186 ish …. 1115 / 1200 on the wide. Wide enough for many, many trading extended opportunities today.
Fri 12Aug2011 0552 GMT