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Market View - Still on Bear Track Despite Positive Morning Trading


Good Morning,  US markets shrugged off initial concerns following  yesterdays inflation number to finish up 110 points.  The Nasdaq broke its 8 day losing streak. 

We have more economic data from the US this afternoon in the form of - weekly jobless claims and the Philly Fed survey. 

The positive mood carried forward into Asian Markets with Nikkei up 116 points. 

We have had sales numbers from European Auto manufactures this morning they are a mixed bag but  several manufactures made good gains.

The Dax Futures are up around 26 points above yesterdays.  The early call in London is up around 30 but this may not be enough to get us in similar position following London's weak close.  We left a gap on the open yesterday at 5613 the market will have some work to do to fill this because first of all we need to regain the trend support line found today at 5572.

We stay on bear tack  until the market tells  us we need to change our stance.

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