A massive 276 point gain yesterday, allows me to report a positive movement from the Dow Jones and has meant that the continuation of the down trend has been reversed – for now; however that down trend has been strong and significant and caution must be exercised in believing that this is a sustained upturn. The Dow is still vulnerable and could still resume the trend falling through the lower level breakout suggested in previous updates. However with such a move yesterday, the upper breakout is also a possibility, but less so, without strong factors to support that continuation. Today with Housing Starts being announced at 1.30pm (British Summer Time) along with the potential for early profit taking from yesterday’s gains a less definite directional move is expected, particularly as the NASDAQ and S&P still display overall weakness. The FTSE, writes Greg, closed down 21 points against the close of the day before at 5150 in a day that once more followed the Dow movement during the sessions’ overlap. With no scheduled GB news today and only minor news tomorrow this index will spend the end of the week at the mercy of speculation rather than coherent strategic profit taking, therefore a choppy end to the week is indicated with further low tests should the Dow resume the aforementioned downward trend. Gold is at $964.600 and Oil is at $134.050Â
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