Summary for Week Ending 26th August 2006
No news this week, at least there is no new news. The world is still in a mess and there is nothing new there. Oil is trying to figure out what to do and a rise here will put the bulls in the minority again. Unless something really BIG happens in the middle east, the ongoing turmoil is unlikely to have any real effect..except maybe Iran, although this is being played into a greater tussle that it really is.
Last week...
As I said last week, I believed this market is going to stuff around for a while, and this week, it certainly did. There is nothing to report here with the market stuck in a tight 10 point range this week and managed to stay above the level of minor support highlighted last week. Whilst this appears to be setting up for a drive forwards a closer look is displaying some level of compression so the bulls may have spent all they had in the previous week. If there are no more bones to give the dog this week then I think some minor profit taking may ensue. A break below 1289 opens a variety of possible levels of support, in fact too numerous to mention here, but the next level is the most obvious one: 1261.
Next Week : We wait and see and watch as the market does nothing all ...again.
|
