Analysis:
Friday's Analysis predicted that "the market will consolidate with a bias towards 1,200" after being weighed by "the weakening Euro due to peripheral European nations' debt woes." Today the market traded in a seven-point range that never closed the gap from Friday's close, as the market was dragged down by the weakening Euro due to concern about Ireland's debt. Looking ahead to tomorrow, the market will continue to drift downwards, as the market works off the frothy expectations built up in the wake of last week's congressional election and the Fed's QE2.
Strategy:
Hold short at 1,213.5
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