Well we certainly broke out to the upside yesterday. Led by expectations of a Draghi fix on Sept 6th. Market got itself into binge mode across the board. Euro, S&P, Gold, silver, Oil all heading higher. We hit some impressive levels 1.2485 on the Euro and 1425 on the S&P.
While most of the rallies held i.e. Gold, Silver and the Euro the S&P ran into severe profit taking.
Well we now know the upper end of the range 1425 however the picture is now confused. Can we run to Sept 6th in bull mode or is the market going to start concentrating on some real issues.
Today is key, will the Euro reverse or can the S&P regain yesterday’s rally. This is going to be a difficult day.
Tomorrow we have a raft of figures to help us but today sit back and watch or trade in small.