Sunday, November 4, 2012

Down under - 4 November 2012

This is a post from Melbourne, after a hearty Country breakfast from Pancake Parlour...

Friday's reversal action on the ES minis bringing it back to near 1400 just shows weakness that is perhaps more likely to breakdown below 1400 soon.

Crude and Gold moved lower already for various reasons like NFP jobs report and supplies expectations after Sandy, etc.. However, the technical picture is affirming further downside, particularly with Gold slicing through it's 200MA.

The USD futures spiked and is at the 200MA, possibly expect a pause and then a breakthrough, which corroborates with the related markets. Am seeing AAPL tanking a little hard on Friday looking for some support to bounce.

Again, downside risk is increased. Heads-up.

The MadScientist
4 November 2012

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