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- 2 August 2016
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Everything still looks pricey to me so it's a possibility.This is what I am seeing. Two major support areas and one minor support area. It will not surprise me to see the XJO come back into the 3150 - 3500 zone within the next 12 -18 months.
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Possibly the big institutions got word of the U.S stimulus announcement which led the Dow Jones to +9% Saturday morning.
Merde...Currently:
XAO -30.6%
S&P500 -20.1%
Looks like another big Monday night over there.
I wonder what part algorithmic trading plays in all of this.
Some institutions need their algorithms checked I reckon.
Are you a day-trader? Or a very short term trader?
From your previous posts I thought you were looking at the long term picture and charts.
The public look panicked. Woolworths and Coles empty shelves with the media whipping up hysteria is not a good look. If they can't do the basics. Like keeping toilet paper stocked after this many weeks. Then no wonder people are being stupid. Get the small things right.
I don't feel the government has moved swiftly or decisively enough (either medically or financially). They and business need to show a strong hand. Fear seems to be running pretty high.
So another run down is most likely. I'll probably pick up some more if we hit round the 4000-4150. Possibly see how we hold round 4800 tomorrow and judge if I will pick up some more at that. I'm still in profits from Friday buying, though that may vanish by tomorrow.
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