Month End

The market did indeed snap back from it's oversold position, with the early part of the week accounting for the majority of the gains. Volatility ensued mid-week, with a rally into the end of the week. Unfortunately, this rally was rudely interupted by news late on Friday of another banking crisis, this time in Europe where the confidence is that much more fragile. With last weeks price action and this week encompassing a month end, we will take profits in the 1330 area, whilst still running a stop loss of 1270.