The weekly charts on both the XJO and the DJI is what is worrying me.
We are getting surges of optimism on the daily, but weekly the trend is down.
The annoying thing about the weekly is that a couple of down days to knock it down just wont do the trick, it needs a couple of down weeks. Just wish it would sort itself out.
I suspect it's a bit of caution running into earnings season. It has been a good run and a cool off would be good, but all in all it seems to be a damper on sentiment.
Fridays action on the DOW was reported by the media as being positive, yet when I look at the action I see an optimistic open followed by a fade all session, so I just don't know.
With resources down in the US and strength in the USD I am tending towards the same here on Monday. An optimistic open followed by a fade.
I really have to get that bear suit out of the closet. Sitting here with horns on my head, dressed up as a Red Angus making mooing noises seems out of place.
