The IBEX closed again in the red today. TMN believes it will join the Dublin and Athens indices in the land of darkness soon. Please see the chart below for a suggested wave count.
Monday, 8 November 2010
USD Index strongly up - Euro periphery issues: suggested IBEX wave count
The USD produced a strong up day today vs most other currencies. The commodities bloc is showing more resilience for now, however, with Oil failing one more time at $87 this resilience might be short lived. TMN has been looking at the USD as a medium term buying opportunity and it seems like this will be the start of a nice journey.
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