Good point Poul. The equities markets have been ignoring good news (there is so much bad news around that the good get's lost in the mix).
Here is a 1 hour chart of the DOW showing it trading in a downtrend channel. What is worth paying attention to is that the TRIN and put/call ratios are telling us this is all normal, no extreme readings on either of them which would signal a bottom.
What could ruin the party for the bears is that short interest here on XJO is nearing 50% of some of our banks.
Short interest ASX (data from Friday trading) -
http://www.asx.com.au/data/shortsell.txt
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Last
8,590.7 |
Change
1.400(0.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,589.1 | 8,610.0 | 8,550.2 |
| XJO (ASX) Chart |