Thursday, 24 November 2011


 Good morning all,
todays thanksgiving holiday in the US may give the opportunity to european markets to take a break from the steep decline of the last days.

Dax has found support in the 61,8 % retracement and 5450 must hold for bulls to have a chance of a longer lasting upward move.

EURUSD still stays under the red line mentioned a few days before supporting our bearish view. Lower lows and lower highs maintain downtrend.


MIB closed yesterday below 14000. Weakness is all over this index like it was last year in Greek FTSE index. This index is a major favorite for short positions. If 14000 is not gained quickly and the index stays below it for some time then things are going to get very ugly in Italy.

Overall, today due to US holiday we may see an upward corrective movement in europe and in eurusd. If not, things are going to get ugly in Friday. Remember our SP500 target of 1150!!!!!

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