Quarter End

Despite impressive gains for the quarter, the market ended on somewhat of a whimper. Despite promises of unlimited money, and the initial market spike, it may be that the realities are starting to hit home. Productivity around the globe is slowing sharply almost as an inverse to the global debt that is rising sharply. This month will see weak company earnings and we suspect very guarded guidance going forward. However, with plenty of shiny new money available and an impending election, volatility could well be on the cards. We will be looking to short at or above 1460, with a maximum of 7 contracts and a stop loss 3 pts above the previous top. We see resistance at the 1415 level, so would set that as a target should we have the chance to enter the market.