UAE stocks in trouble July 13th (Re-post)

"After peaking on a closing basis on June 14th, less than a month later the Abu Dhabi ADX index has lost -14.41%, and the Dubai Financial Market General Index (DFMGI) has lost a whopping -29%

In comparison to Dubai, Abu Dhabi has been overperforming. The ADX DFM Ratio today closed at 1.57, and it looks like a breakout beyond March levels may be on the cards. Abu Dhabi market volumes have been quite small lately, so it is probably only a matter of time before the banks and Etisalat, follow ALDAR, SOROUH, and AABAR downwards. Remember, we mentioned AABAR will make or break ADX on July 6th, and the stock has closed firmly below the LAST STAND LEVEL.

Unlike some market commentators elsewhere, this blog has been clear about the market trend since July 1. There has been nothing confusing about the markets, in which most significant stocks are in the process of completing a classic 1 2 3 reversal after peaking in mid June. On June 16th, this post appeared on the blog."