Not much to say - we got a contra trend relief rally to suck in some more bulls - the reasons for this was Gaddafi decleared cease of military ( but did not work out seems like ?? still war) - also the Japan crisis is ongoing and getting worse.
All in all - as I have been saying before , everything below 1298-1303 is a big short opportunity and you should take it. There is a good possibility that we may see a gap higher monday to this resistance - but IF we get one - thats the reason to load up big time in shorts. I believe this week could be a very very ugly and bearish week for markets - and I think we may still see below 1200 end of month ( we have 9 more sessions..). So thats a big move to the downside - but lets see if we wont get below 1250 this week and take us out to new lows.
All in all the week ended in red and the technical picture is still very bearish,, this week EU need to find a plan to deal with the EU debt problems - and that could give a big pressure on the Euro, we have not heard so much about it cause of Japan and Libya , but we will hear more on it this week imho , combined with Japan and MENA countries.
The short term trend is still down and no reason to cover the shorts on such weak bounces in markets, thats just a good opportunity to sell it - watch out for a minor gap up Monday morning as standard "futures operations" to 1290 area before plunging down.
If I am right , we should see the most ugly decline in markets to come here near term and that wont be pretty for markets and would be panic type of move.
Time will tell , but I remain short big 1333-1330 area - good luck
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