20080825

Not much to say. Both indexes are still in downtrend channel:



Small trend breaks can be noticed in oscillators, but it really gives no clues about future market moves.

The polish unemployment hit its record high (20.4%) in Sep, 2002. Since then has been continuously dropping to today's level of 7.3%. The EU accession in May 2004 just seeded-up this process. However, the main reason for the drop is not domestic job creation, but the huge Pollens emigration, mainly to Germany, UK and Ireland (Wikipedia).



Lack of domestic specialists, caused the prices for services to go up and therefore the GDP was increased as well. Huge inflation is a problem, however the energy, food and gas prices were shielded with strong uptrend of polish currency (i.e.: EURPLN, USDPLN, GBPPLN).
Can Poland continue with such a strong economy? Probably no, but I don't expect the same level of economy slowndown as in Europe. Really good article can be found here (I seriously encourage to read it).

Please note:
This is the last chart in this week, as I'm going abroad for the rest of the week. Nevertheless, I will try to chart Friday session at the end of weekend.


Sources:
[http://news.bbc.co.uk/2/hi/business/1834336.stm]
[http://globaleconomydoesmatter.blogspot.com/2007/10/employment-and-unemployment-in-poland.html]