Best foot forward

Dominic Picarda

Best foot forward

Technical analysis regards price action occurring in thin markets with suspicion. A meaningful price-move is supposedly one that is backed up by lots of genuine trading activity, ie many shares or derivative contracts changing hands. By this logic, the rally that traditionally occurs in US and UK equity indices in the final days of December and first few days of January should be of little lasting significance. Traded volumes on the New York and London stock exchanges tend to remain flaccid until the second week of January.

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