Feedback
Retracement to the 1300 Level Expected
Characterized as technically bullish and fundamentally depressed, the markets are in a word “Confused”, but steady. Add to this the European resolution in the works for Greece, downgrades for Italy Spain and Portugal, further likely downgrades from Moody’s for all financials, and Apple stock taking off like a Rocket and messing up the weightings on the Index. One thing is for sure, risk/reward up here in any of the markets is poor. Problem is there isn’t a return anywhere else unless you’re catching the falling knife in real estate. I would expect a retracement to the 1300 level for the S+P basis resistance here in the 1360/70. The market is up 14% since December and needs a flushing out before heading any higher.
Read the article to find out about the current state of Iron Ore, Hot Rolled NMYEX, Scrap and LME Billet.
Provide feedback on this piece.
