See an earlier post where an uncanny similarity to 2008 was compared. So far, 2 weeks later, the uncanny similarity still holds! I will show an updated comparison chart later.
The price action yesterday show a coordinated roll-up of the markets yesterday, which had the USD hit a resistance and correcting, while crude and the ES futures making a headway rally. While I still cannot say the worst is over, I have to concede that it might be bullish for a while.
Today sees ECB announcements at 0745 ET, and US unemployment claims.
Tomorrow is action packed with Non-farm Payrolls and the Unemployment Rate.
For now, the charts are showing a decent amount of bullishness... Am watching closely for volumes and supports to follow.
6 October 2011
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