Monday November 18, 2013 08:39
Markets continue to disappoint, unable to find legs after Yellen’s confirmation that tapering was off the table for the foreseeable future. A meager attempt at the $1,292 level was met with selling overnight and the market is struggling to hold the $1,278 minor support level. The market needs a short-term momentum surge, which we suggested last week and barring any new headline, the direction seems lower, with an initial target of $1,268. The ‘book” is short, which has the potential for a sizeable short term pop, given the right headline, but the technicals and momentum continue to confirm a softer tone.