Summary for Week Ending 6th May 2006
Just when you are about to stop watching, something happens. This week the market finished the week with a bang after hinting of more of the same. The big question of course is if it will do what it has been doing for months now, and that's immediately give it up and go back to congestion.
Last week...
After the previous couple of weeks of churning behavior, it certainly looked like this week would simply be adding another lot to the pile of pointless market movements and then the market finishes strongly on Friday bursting to the upside and managing to close at a new high, which is at least a signal that there may be more in this that the standard technical rubbish we've been getting accustomed to. Although most of the week was simply backwards and forwards it was the lift off on the last day of the week that saw some improving impetus.
Where to ?
As is stands, we are yet to see confirmation that this is more that another 'prairie dogging' effect where the market sticks its head up only to just as quickly slink backwards again. What we are looking for is a strong trend to develop, and as time is running out on this one, the expectation is of course for a very fast trend. last week I said I favored a quick slump and then a rally and instead we got some congestion and then a spurt. Lets see if the spurt can quickly mature into something more tradable.
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