The market followed on from the two recent higher closes that we had mentioned adding weight to our contrarian bullish scenario. That said we still have hurdles to overcome before gaining any decent degree of confidence. As can be seen above, all our trend and momentum indicators remain firmly down. We’re entering earnings season both here and in the US so its going to be paramount to discern how the market receive the news. I feel that the market is expecting bad news so anything from ‘expected’ to ‘better than expected’ may put a bullish rocket under prices. Time will tell and the lead will come from the US.