Nothing like a bit of humble pie to shake the bulls up. A nasty day pretty much all round, especially with our favoured resource sector taking a fair slice of pain. I think such activity highlights a certain speculative element at play and possibly a nervous one as well. Two down sessions does not make a bear trend, but as highlight in the Dow Jones review tonight I do have concerns about some signals being seen now that haven’t been presented since the March lows. The market has pulled back to a small level of support but really it’s going to take a move below 3700 to get bearish. The daily trend remains up but momentum is really struggling so some caution is warranted. Be selective in your trades.
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