The support levels we’ve been discussing held well last night with price reversing sharply higher in what was suggested by the media as a confidence vote for Fed Chairman Bernanke. I’m not so sure – we have the end of the financial year coming up in a few days and we may be seeing some window dressing after the solid gains in the recent quarter. My full commentary of the Dow Jones last suggested further consolidation over the coming weeks above support was very bullish, but a failure of support leads to a deeper decline. The jury remains out with regard to the immediate direction. The daily trend is up and momentum has just turn back up again. Personally I only have two short positions on, including PGN from last night. I’m playing both sides of the market and have orders waiting to drag me in if the market decides on its immediate direction.
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