thursdays malaise, page-10

Morning all... these markets just cant be trusted can they? ;-) How many "rallies" have we seen now that end up retracing the entire move in double quick time? And more data coming out "worse than expected"... it all points to those lows being retest, which is actually a good thing if we are going to have a sustained rally at some stage in the future (we hope!).

Where to today for our crazy XJO? Its clear we'll get the panic selling early... i think we'll just chop around most of the day actually. We havent "factored" this in this time, so dont know if we'll get a V-shape recovery intraday. I fancy a quick 3-3.5% initial drop with little change til end of day. 3500 is clear target for move, but bit of a stretch to get there today.

Just read late US news, Apple down 7% afterhours on Jobs illness update and BOA apparently needing to go back to the Fed...Dow fut -35... not good.

But anything can happen of course....