Month End

As we thought the market did indeed rally this week, to set up the possibility of the month ending where it began. In technical candlestick terms this would be a 'doji' event and portend a trend reversal from the last six months. The market always has the capacity to surprise however, and so moving into a new month we have to be ready for a 'firebreak' up to a level of 1455, on the hints of more quantitative easing. On balance though, we maintain a bearish stance with an initial target of 1310. We dipped a toe in the water with a short @ 1402, and will be adding to this position @ or above levels of 1405, 1410, 1420 and finally 1455. For exact prices keep tabs on the Portfolio blog.