01/10/2012

FTSE and US indexes rallies on short covering from Wall Street open.

FTSE aim seems to be to get above 5.860 and hold that area because the 8 day MA can then turn up. The high so far has been 5.843 where we started to sell a few shorts believing that 5.860 should be to high and that point is the low of the first wave in the 2 hour chart which technically should hold. Trends are up and there is no sign of slowdown by the hourly trends. Continues to wait for the tops or a confirmation of 5843 as top.

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