Emini Trading Update – Wednesday 30 May 2012 (13:52)
Well that rally didn’t last long. I though it might be a weak rally, but just one day? Today had a slow grind down feel about it. If you wanted to flush out all the sellers you’d jam it down and get them out all at once. This had more of a “holding it up to get Short” kind of feel to it.
And now we’re below support levels on the higher time frame tick charts. Which means we’re going to run until we get Pullback to End of Trend. I’m watching the 1,290 level really closely.
Link of the day …
Here is Mish’s article on the Spanish banking crisis and the ECB’s response. How must the European politicians be feeling now – they must have thought they’d fixed the problem last year and it was just a matter of needing confidence to return to the market.
Err, no. The problem was the debt and you didn’t do anything to fix that. In fact, you just piled on more – and are planning even more (Monsieur Hollande?).
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