Monday 10th January

Good morning.

We've just had today's news out of Japan, which was worse than analysts estimates.
Therefore I feel that this downward trend will continue for the near future.

All the averages are nicely aligned for a further push down but not just yet.
The market opened some 20 ticks lower than Friday's close so although looking for a sell, I'd prefer to see a little consolidation first.
The MFI on this 15m chart has popped above the average and the 1m MFI is heavily oversold so more toast and tea for the time being with patience being the key ingredient.

6% gain last week so not too eager to be giving that back at this hour.
I am sure something good will happen in an hour or two.

I will be back soon. Hopefully with a sell set-up from around 9.765 or thereabouts.