The market tried to hold itself together today but failed in the last hour closing on its lows. This suggests that there had been some bargain buyers around but without upside follow through they were unwilling to hold positions over the weekend. Understandable. The market remains testing a zone of support. Apart from a small excursion below this zone mid-2010 we’ve basically been wallowing around in this range since mid-2009. VIEW CHART. All our trend and momentum indicators are pointing down and with the US also teetering on a support zone I remain very wary. Be selective in your trades and remember that sometimes no action can be the best action.

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1. Wednesday June 1st, 2011
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