buts, maybes and ifs ta @ $1.09

updated day/weekly charts



the market is expecting to open at -81pts this morning which will once again put pressure on LYC to stay above the $1.00 mark

last week was quite exceptional from a TA viewpoint in that it had the largest volume ever seen and also the price range was abt 40cents

trading off the daily timeframe imo we've still a long way to go for a low risk entry, still lots of trashing around to come

interesting to note also how we had 2 upthrusts last week which would've caught out a few traders (on those fake green mornings) or trapped them going the wrong way and Friday had the second lowest close and what do you know, a bad night on the overseas markets hits us, just at the wrong time for any ST trader who may be nervously holding

seems like it's always planned :)








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Monday:
EUR:
- German Bank Holiday
- September PMI Manufacturing
- Euro Area Finance Ministers meet in Luxembourg: Euro-zone ministers will examine the measures proposed by Greece to put its economic adjustment program back on track
- Greece draft budget will be submitted to parliament—as foreseen by the Greek constitution—and will be voted on by the end of October: To convince both the so-called troika and its European partners of its commitment to step up the pace of reforms, the government decided to expedite the parliamentary vote on its 2012 budget (Under normal procedures, Greece's parliament usually votes on a new budget at the end of December)
US:
- ISM Manufacturing PMI
- Construction Spending m/m
- September auto sales