As Wall Street continues to climb, investors grow more cautious. The market hasn’t really moved much this week. Right now, as today’s trading day, Wall Street is at the same highs as the previous week.
Cyprus financial woes haven’t triggered a catastrophe and it is unlikely to cause one. Nevertheless, Wall Street fragile position could be undermined by anyone, anytime.
A couple of spinning candlestick tops in Wall Street daily chart, clearly confirms, the market indecision.
There isn’t much technically. Indicators are all neutral. Fundamentally the market is right now digesting the latest weekly jobless claim in USA, which has edged higher slightly, so no much of a negative reaction will be expected over there.
Right now the market is lower but only by 6 points. Existing home sales will be another piece of information that could help the market today. Investors are expecting that the numbers continue to improve and that the number of homes available for sales remains constrained.
Trader’s advice for today is to remain calm, only take action on clear equity bargains. Look out for GBP/USD pair and in commodities have a look at coffee, which looks cheap.