Well, at least my negative overnight prediction (above) for the DOW did not eventuate though the index was only rescued from a down day in the last half hour of trading. I personally hope there is at least a few months of small recovery in the DOW as I'm still heavily weighted in asx shares atm. However the US chart does look like it is rolling over, which could easily accelerate if increasing numbers of ultra wealthy decide to lock in the large profits they have made in recent years due to the impact of QE.
As for SPO my guess is the shorts are having their final clearance sale. If you were short SPO you would be crazy if not unloading all you had in recent days because you'd be starting to run low on short buddies to help keep price falling. If correct, this will be remembered by many as the no brainer time they should have dived in long.
SPO Price at posting:
93.5¢ Sentiment: Hold Disclosure: Held
