In America: Dow Industrials -0.79% Dow Transports -1.29% SP500...

In America:

Dow Industrials -0.79%
Dow Transports -1.29%
SP500 -0.81%
Russell 2000 -1.42%
Nasdaq100 -1.19%

Comment: Back down again across the board ? but still holding at the oblique uptrend line and above the super trend line.

The Materials Sector -1.28% and Energy Sector -0.49%. A minus for Australia. The Banking Sector was down -1.77%. Semi-conductors down -1.38%.

Europe:
France -0.11%
Germany -0.55%
London -0.32%

EWA (Australian Shares ETF traded on the New York Stock Exchange) -1.58%, The Australian Dollar was down -0.95% to finish at 105.95 ? that?s another big minus. A strong Ozzie Dollar is needed to maintain the liquidity for a strong stock market.

There?s nothing in the statistics above to give me a lot of optimisim about Australia on Monday.

Gold in Oz Dollars +0.1. Gold in U.S. Dollars -0.78%

Technical Comment on the SP500:
The SP500 finished at 1337.8.
The index finished above super trend line and at oblique support.
The Index is below the 13-Day MA (negative) .
Above the 50-Day MA (positive).
Indicators:
Slow Stochastic 33. Falling. Negative. (It looks like it needs to get to below
20 before a rebound can take place.)
The 13-Day MA is above the 50-Day MA. Positive
RSI now marginally below 50. Neutral.
MACD Histogram below Zero. Negative.
MACD above Zero - positive
CCI -4.1 and falling. Negative.

The technical picture is mixed but, naturally, deteriorated from yesterday.

The key seems to be the major oblique uptrend line. If it falls below that we would probably see further falls.

In the context of recent action, oil had a mildly positive night (+0.46 %) ? still below 100 for West Texas.

Yesterday I said, "Follow through buying in America tonight is needed to confirm today?s bullish candle. A break below that oblique uptrend line would be bearish."

Neither happened today, so the market remains balanced on the edge of the precipice.

Much of what I put up on Hot Copper I have on my blog. But time precludes me putting up everything - I usually post twice a day on my blog.

This week problems with Google's blogger have become intolerable.

At times I've been unable to upload images but no text. Then ... I was unable to upload anything at all.

I've moved the blog to:

http://redbackmarketreport.wordpress.com

I have no idea how reliable Wordpress blogger is - but it can't be worse than I've experienced this week. :)

The blog I've set up on Wordpress is still a bare bones affair - but I hope to get around to dressing it up this week end.

In the meantime, the daily Morning Coffee for Saturday is up. Content is the key for a blog like this - and the usual informative analysis is provided today. (Today's blog is exactly what you see above.)

So, if you want to check on my regular updates that's the new address.

Good luck
Redb