mongombolo's - crash or crash through tuesday, page-29

Both the Dow/S&P moved higher away from our TR last night, with the Dow being slightly the weaker of the 2

Will be interesting to see how successful our next reaction is after this rally of late,

I think someone has already mentioned it this morning, but that will be a very important thing to watch

If successful, yep we should be away

If not, well back to the drawing board and the bears may survive another day

I'd be waiting for the next successful reaction to feel more confident with holding on a longer timeframe

Also be watching, not only on the daily chart but how it appears to be travelling on a slightly longer timeframe as well, sometimes one may get too narrow focus and miss the big picture which is developing

DJIA day chart, showing a hint of weakness



and the slightly stronger looking S&P500



....

Also some snippets of the overseas markets

US MARKET
Stocks rose Monday, pushing the Nasdaq Composite into positive territory for the year and the Standard & Poor's 500-stock index to the cusp of it.

The Dow Jones Industrial Average advanced 104.83 points, or 0.9%, to 11913.62, led by Caterpillar, which jumped 5% after posting a strong earnings report that helped set the session's positive tone. The action built on a four-week winning streak that has been the blue-chip index's longest weekly string of gains since January.

Materials stocks were strongest in the S&P 500, rising 2.3%, followed by financials, which added 2.3%. Technology was also strong.

IN COMMODITIES MARKETS
Copper futures surged 7.1%, ending at a one-month high as strong manufacturing data from top consumer China and hopes for a European debt deal sent investors who had bet against the industrial metal rushing to reverse those positions.

China accounted for almost 40% of world copper consumption last year, and prices for the industrial metal came under pressure this summer from trade and manufacturing data that suggested growth there was wilting under pressure from the financial struggles in the U.S. and Europe.

IN EUROPEAN MARKETS
European stocks ended a fairly choppy session in the black Monday, and the euro gained against the dollar, as European Union officials showed increased commitment to leveraging the European Financial Stability Facility more than the €440 billion originally mooted


Meanwhile, banks managed to post healthy gains, following signs of some form of agreement on bank recapitalizations that would see around 90 banks tap markets for more than €100 billion. The Stoxx Europe 600 banks index ended up 1.7% at 138.77.

It was a different story for Greek banks, however, as investors worried about the potential for a harsher debt haircut than previously expected. Piraeus Bank plummeted 22%, National Bank of Greece dropped 21% and Alpha Bank slumped 19%. As a result, Athens' ASE index significantly underperformed its European peers, closing down 4.5% at 747.08.