Summary for Week Ending 5th August 2006
Nothing new this week and the schmozzle in the Middle East has failed to set a fire under the price of Oil as punters are becoming ever more complacent about events in this region.
Last week...
Again this week we didn't see anything that would make us jump out of our comfy chairs and spur us into action. I'm still convinced that we are not going to see a determinable trend for some time and as such, things will continue in a slow if not erratic manner. We have see rises for the past three weeks (beware 21 days) and we have seen a break above the July high (but not a close as yet) however I can help but feel that this run will be short lived and we will see some correction come in soon. the scenario of being range bound is always a dangerous position to take as it negates the taking of a position early in a run, however there is nothing I have seen in the past year or two that would give me a reason to say that this thing is prepared to trend strongly in either direction. On the weekly it is apparent that the market has been compressing for a long time and the failure of the market to wash this out quickly would indicate that the corrective phase will be equally as depressing. If we get the double top off the June high then the market is set up for a large range equality drive down to the 1184 level. Its all about if's at the moment.
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