Tuesday 1 September 2009

Done?

Following a 50% retracement for SP500, DAX and others, sing to the tune of Bon Jovi's song:

Once upon a time
Not so long ago

Bankers used to have a decent job
Markets went on strike,
They’re down on their luck… it’s tough, so tough
Ben works the printer all day
Working for his men, he brings home their pay
For inflation – inflation

He says we’ve got to hold on to one thousand mark
Cause the world goes to hell
If we don’t make it this fall
We’ve got green shoots and that’s a lot
For inflation – we’ll give it a shot

Whooah, were half way there
Whooah, livin on a prayer
Take my CASH and well make it - I swear
Whooah, livin on a prayer

So far, market developments have followed an orderly, technical path. If they are to continue, it will be a long, long time before we see last week's highs. However, even if we do, that would be a further selling opportunity.


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