FTSE
Well, last night we seem to have had the customary pump-and-dump in crude oil. It closed higher but nearly $3 off its high. This gave the opportunity to the Dow to rally 200 points and save itself from a technical bear market at 11331.
All this froth just goes to show that these are important levels and one best be careful not to end up in the market the wrong way round. FTSE SAR down to 5689 and the MACD weakly negative. Yesterday the FTSE touched the same March low and only thanks to the Dow's overnight rally is it back to 5500. I think at the moment best use the 1-hour or 30-mins chart for daily trades. Seem to be working fairly well with just one or two trades a day.
Gold
Gold, oil and the dollar have been playing out their merry dance on a daily basis. This makes it difficult to keep hold of long-term trades as the last hour often sees a turnaround in fortunes. Having said that, gold is up some $60 in just 5 sessions. The 1-hour chart currently showing downward pressure.
2 Jul 2008
Trading Day
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