Further recovery ?

Some observations :

  • ECB has an exit strategy, so after they implemented for the downturn, they did not prepare for a further downturn
  • less jobs are lost each month. Jobs are a lagging indicator
  • Copper prices continues to rise, Zinc hits 13-1/2 month high
  • However, Baltic Dry index is down for 3 months allready

So, I think we re not there yet. But a I believe in a next week uptrend, as a “compensation” for this week. We still enjoy the good news, as a compensation for last year bad news.

Looking a the chart of SPY, we had 2 higher highs, and 2 higher lows. Heading for 106 ?

20090904_SPY

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