-after a disastrous AM, mkts in recovery mode in PM, with HS leading the pack, from -600 to -150. SH clsd -1% from -2% lows. Given such external force, fbm.fkli were strong follower but manage to keep losses within 1%. Europe starts soft, -0.5% but DJ futs +20.
-a bad way to end the week…. fingers pointing to China’s call to curtain lending since Thu..negative on financials and commodities. But the cake goes to Obama with its new regulatory plan for big banks – negative on financials as it will limit banks activities and dilute banks profits
-external factors dashed fkli hope to a bullish closing, above 1300 after today’s sharp reversal despite a firm/strong tone from Mon to Thu. While not calling a bear yet, above 1280, bulls are back to square one…and will have to work hard again while bears feeling more energetic.
- 1290-1300 breakout strategy looks a good bet. Below 7SMA is a negative-bias with major support at 1280+. Bulls will wake up strong is above 1300.
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