Friday, January 25, 2008

BG40 - Daily chart - 24.01.2008

The broader market index - BG40 - we have a base from which we rebounded today - slightly above the Gap at ~ 345.
This Support level is to be viewed as highly emotional - so a failed break should be entered for a swift upside move. Just like the 'blue-chip' index SOFIX - the broader market sentiment took a massive hit due to unwinding of the highly leveraged speculators and the withdrawal of foreign buyers.
The brief rally till the FED meeting in the month end is to be faded.

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