Weekend Chart Roundup – Sunday 29 July 2012 (9:10)
Quick video showing weekly support levels have been made and are holding on the risk-on charts. So while we have that, the rally is on – much though I distrust it. And those support levels become “lines in the sand”, below which all bets are off.
Here’s the link to John Taylor’s interview on Bloomberg. He’s a real veteran and I like a couple of things he said.
At around the 4:50 mark he talks about the Fed and ECB meetings this week and shows the market is totally driven by political decisions right now: “We have a binary decision – it’s either going to do this or it’s going to do that.” And then later, “It’s a pull your hair out market.” Here, here.
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