Quite Elementary My Dear Watson
Well, its’ quite elementary, my dear rats. The key in cracking this mystery lies in the Dollar:
Which is getting pounded into the sand again this morning. Unless this thing finds a bottom and snaps back equitity traders (most of them being bullish at the moment) have little incentive to start taking profits. And that in turn is the rub – the big bears are MIA and selling will only ensue once the bulltarts think it’s time to take profits.
So watch the ole’ buck – which might turn today, tomorrow – tough to say. I’d venture that it will happen ahead of 76.15 – if we breach that one we are all seriously fucked.
As I said – quite elementary 😉