Yea, those Euro guys are good. Today they threw the market a bone. And that was all the market needed to stay on course. At least the market was up for the day. An apparent bare bones deal from the Euro guys seemed to be enough to soothe the saveage beast today. No real details are expected until November but it was said that they were going to leverage the fund "fourfold" to some one trillion euros and press Greece's creditors to take losses of 50%. But since there were no real details, let alone a concrete plan, Euro Headline risk will continue. Isn't it amazing how doing nothing can look like something? Reports (or did they mean rumors) of China coming to the rescue was another entry in the plus column. Soon China will own everyone and they will be able to rule the world without firing a shot!
The Chart
Intra-day dipped down to the 100 SMA and reversed like clockwork. Then the market stopped short of the upside resistance. We do have a bullish candle, but until we break the resistance mark we are technically once again in a sideways consolidation. With the BS continuing in Europe, be ready for the same volitility and headline jerking that we have had for the last few weeks. The only saving grace (if you want to call it that) is that the upper and lower lines of the channel are only about $2.50 apart rather than the previous $10 apart! An acceptable risk for the Bulls. A break above the channel puts the Trends to UP and takes us to the 121-122 area. Seems Santa is on his way~!
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Sideways with an upside bias
Medium Term (3 day chart) – Sideways with an upside bias
Short Term (Daily Chart) – Sideways with an upside bias
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