ROLLER COASTER RIDE

Markets opened with a gap up and immedietly started selling , held on for a while and then as the day high was not cleared for over 2 hrs , it just gave way, loosing all the days gain to go much below yesterdays close . ITS A CLASSIC REVERSAL DAY TODAY. Markets below 2750 came teasingly close to my support of 2630, and it came there so easily that it is a tad difficult to accept .. Well weakness is verey evident and lets look at the charts again to make a semblence of what happened today & whats in store from here.. Hope all took profits of the longs or had TSL today on their longs...CHEERS.

GLOBALLY POSITIVE

It seems the bailout package of CITI , announced yesterday provided the cue for the upward rally.Asia is following US news again.Technically speaking I had written that we should not close below 2524 & we did not and moved up to over 2630 quickly from there. The target always was 2750 -2860-70 . People who are long in FNO can start boooking around the resistance zone or keep strict TSL. KEEP close below 2630 as TSL for all longs for times ahead. Short Term indicators are showing positive cues, in case we are able to consolidate and keep making higher lows the bear market rally is in place. lets watch the next few days for the cues.enjoy the trade today ..cheers