Got some old 80’s ‘Haircut 100’ number running through my head this morning; that’s a worry!
I sold yesterday afternoon in anticipation of the ranges holding and some ‘buy-the-rumour-sell-the-fact’ action post-FOMC. Now I’m looking at a vertical trend which is potentially targeting levels above 111.00, so I’ll keep my positions small and try and use intraday swings to get out of the red. Volatility is likely to remain high so I think we need to trade the spikes in both directions, but with a bullish bias now.
I think its feasible that we see more topside spikes now towards 110 and even higher but they will provide bulls with excellent profit taking opportunities for a re-load near 108.00.