DOW update

Left hand we have the monthly chartnjust to put the whoıle month and overall market into proportions. Today we had a melt up day with horror economic news as the lowest houseprices since 2003 were reached just to mention one but an crucial one as the FED has spend trillions so they claim to stop that. Today was a perfect short covering day as some bears were caught ( rather srewed) just on the notion that Steve Jobs is still alive ( god bless him _ I am happy if he beats the cancer) – still not a reason to go up but month end window dressing is. Back to technicals the monthly chart clearly implies that a top is at hand in the very last moments as we have now another window of up to 2 weeks to test the highs once again but at the end we might end up the month still lower. Although nthe guys runing the bull campaign with the FED rather will try to make the June a higher close to create the scenario to place 230 IPO’s. The odds are around 13th-16th that we will have the final t high of this minor leg and then test the lower part of the monthly channel.

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~ by behindthematrix on May 31, 2011.

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