monday madness, page-46

6,000ish does seem a good figure for tomorrow from a number of technical points of view.

When it comes to pattern repetition and ranges and range extensions in time and price, my master is GSE1963.

He also has a unique and invaluable understanding of weekly and monthly closing price behaviour.

I defer to him in these areas, but will make one simple observation of my own on the latter.

27th was expected to be a turning point in the US and I suggested allowing a trading day so Monday could be turnaround day although we are playing catch a falling knife here, so we have to be nimble.

Many times I have seen markets in limbo right into the last trading day of the month.

I suspect that there will be some major effort to produce a huge rescue into 31st in the US.

The danger of course is, if at the last moment they realise they can't do it, then they may throw in the towel and go short.

So Tuesday night could be one hell of a volatile session.