Summary for Week Ending 12th August 2006
Obviously the biggest news event that had the potential to have an impact on the markets this week was the arrest of the potential bombers in England. Although as of writing, not too much is forthcoming it does appear that there was going to be an attempt to blow up a lot of US bound aircraft. This news alone should have had a strong reaction on the markets but the actual effect was an interesting display of just how complacent we have all become when it comes to terrorism. Perhaps we will need the real thing to wake us from our slumber. Who knows!
Last week...
In keeping with my original scenario of a few weeks back, the markets have again done nothing. the bounce off the high was predictable enough and with the market in this position I would have bet that the London issue would have added the fuel to the fire needed to give a double top formation the hurry-along. Instead, as mentioned earlier, not too much at all occurred. We have seen some bearishness but no acceleration as yet but its still in a goo position to take a dive, if only something would happen to spark the fire in the first place. Leastwise we are looking at more choppy trading within the range, and being range bound, nothing is worth worrying about UNTIL we start seeing the start of a trend.
Looking ahead.. its still primarily without a trend so for me its like watching sailing.. dull.
Lets see what the coming week brings us.
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