Reversal

Market showed quite a number of minor reversals yesterday, with a number of stocks rising from the ashes. As often, RIO led the market with jump back above the trendline from 1998 - which may make it the buy of the month or may be a whipsaw. BIL, WES and WSF also having "inside reversal days" and even the banks showing a little life.

Unfortunately at this level it's hard to find good call warrants, so ETOs are the go.

I am not however expecting much from this rally. If the S&P, which is the weakest US index, cannot get above 950 within the next few weeks it is doomed - seriously doomed. More later.