eurovision (or a lack of) tuesday, page-4

Zia - funny as. Were those lines from Rambo Amadeus (what a name) really from a song? Execrable. I'd give that the Rotten Tomatoes Award (with blow-flies).

America closed last night (Oz time) for Memorial Day.

DAX - Germany: -0.26%

CAC - France: -0.16%

FTSE100 - London: 0.09%

FTSE Euro Top 100: 0.09%

Comment: Germany down a bit - others relatively flat. Volume was very low - similar to late December 2011 when the Festive Season drains the market of traders. All of the above markets showed some selling pressure. London and the Euro Top 100 had reversal days - up early and then down. Dax and Cac opened higher and then fell. (See dark candle on the Dax above.) Not much can be read into that - the markets are simply sidelined. The low volumes in Europe confirm the low volume in Australia yesterday. In fact, Australian volumes, relative to the Europeans were quite high.

The German chart continues to provide concerns. I usually refer to it in the Weekly Report. The chart continues to respect the neckline of the H/n/S pattern (bearish). It also hasn't broken below the long term oblique uptrend line on the chart (big red line). One of those will give way - and when that happens we'll have direction. The short term pattern on the Dax looks like a bear flag. So the odds favour a downside move. We still have to wait for confirmation.

Last night I suggested that Australia would see consolidation or perhaps a bit down. Upside seems unlikely. Nothing in overnight trade in Europe has changed that opinion.

Redbacka.