tuesday 3 july, page-2

Well, the US held up all night, which I didn't expect.

Cost me 20 pts on SPI, but the gold rise helped out.

Pension fund inflows obviously a big part of that.

That's why you see so many tops a few days into a new quarter.

Lower tops are commonly seen around the same date the month after the top, so certainly July 4th +/- a day would not be unusual.

With a possible top by my Armstrong idea as July 1st +/- a trading day allowing today as last chance then today has a double chance for a top.

All the same it will be market action that confirms and since August +/- a month is the normal cyclical high time, the market can rally or fall or just chop around for a while yet.