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Holding up

My refusal to join the sellers is paying off so far. Both the DAX and the FTSE rallied on Friday. The UK index still looks much the better of the two from a technical perspective and it is there that I am really looking for further buying opportunities. Monetary conditions are benign, seasonal factors are in favour of equities, and the uptrends remain in good shape. These are not circumstances in which I would generally be looking for big sell-offs, which is why I think the bears are on a hiding to nothing.

Meanwhile, I am projecting further near-term downside for the pound, both against the Euro and the US dollar.

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By Dominic Picarda,
25 February 2013
08:37:46

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Dominic Picarda

Dominic Picarda is a CFA charterholder and a Chartered Market Technician. He has co-ordinated the IC's charting coverage for four years. He is a frequent speaker at seminars and other trading events.

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