Australian (ASX) Stock Market Forum

Kudos Competition

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22 August 2008
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Ok for nothing more than the massive Kudos involved, and given that we should see a slightly positive market today :), where do you think the XAO (all Ords) will END

Sir O picks..

4505

Good Luck ASF'ers
 
0944 [Dow Jones] S&P/ASX 200 may test former support from 4527.4 (Sep. 18 low), for 346.7 points or 8.3% gain, before falling back on profit taking to close with roughly 5.0% gain, according to traders. Index may initially rise more than overnight SPI futures' 7.3% gain because there's only minor chart resistance at 4490 (50% retracement of Sep. 22-Oct. 10 rise). Investors might also be encouraged by reports government considering multibillion dollar fiscal spend to help stave off expected effects of global economic crisis. Government expected to unveil some details of fiscal stimulus package as early as today. But there will undoubtedly be a lot of profit taking on the rally as traders wait to see how global credit markets react to U.S. and European plans to recapitalize banks. "It will open up very strong, then drift back a bit," says trader. "The test will be whether banks start lending tonight." Index last 4180.7. (DWR)
 
Somewhere in the Wave 4 area ???????

(click to expand)
 

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