Well, we've landed on the .27 point, and will see where we close tonight.
If the SP can HOLD 27 until Friday, then hopefully the upswing will be in place.
Unfortunately this swing day is muddied by the EOW trades and possible selloff in the S&P and the USNDX , so could extend to Tuesday.
If this happens, the my .25 point comes into play. Yet another critical pivot point.
If things get REALLY ugly and we don't see our sacred Christmas rally, then sub 24 might bite us on the Rs.
My feeling is that we might just drift around the 26-27 mark for about a week, then perhaps float in the 26-31 mark until the new year's festivities are done with.
We ARE heavily exposed to some decent macro headwinds, so the accompanying volitilty is something we may need to deal with.
Hopefully the AGM gives more clarity , and we can move towards a more positive outlook, regardless of what the rest of the Metals market does.
Presently, I think we are due for a decent, sustainable rally , but there are numerous obstacles to overcome, including the SP that interruptions we are currently seeing.
I am still nonplussed at the trading behaviour at present, and expect a surge into the NEAR future , but the market will do, what the market will do....
Expand
(20min delay)