October

As we fall into October, traditionally a bogie month for stock markets, scenes of fresh civil unrest in both Greece and Spain have once again taken my television screen hostage.

Furthermore, today’s edition of a daily email from my stockbroker describes the All Ords completing a “double top”.

The Double Top Reversal is a bearish reversal pattern typically found on bar charts, line charts and candlestick charts – the pattern is made up of two consecutive peaks that are roughly equal, with a moderate trough in-between.

Put together a protracted floundering global economy with the dire straits in the Eurozone, high unemployment in the US, the next wave of credit-default swaps maturing early next year and global housing market slumps, combined with agflation, and it’s little wonder I am extremely long-term bearish.

This is truly a market for hibernation. Rug up.

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