XAO---Im about to change into my SHORTS

[doctorj]

Re: XAO---Im about to change into my SHORTS.

I don't have any research to back this beyond empirical observation, but I've noticed a few times that the humble all ords has led the Dow on Monday - particularly on a change in direction.

 

[michael_selway]

Re: XAO---Im about to change into my SHORTS.

TJamesX
It follows yesterdays over-reaction as well. Obviously, our market just wants to head south at the moment. I think that it will keep doing that until we get a rash of good profit reports and people think that there is value in the market again.

Scratch
Next support at 4260 which was the previous high. Next after that is 3895 which is the previous low. If that support breaks it means technically that we have gone beyond an intermediate correction and could be in a down trend.

MIT

yeah very scary indeed, in which case one should sell some now?

 

[professor_frink]

Re: XAO---Im about to change into my SHORTS.

thought I'd drag this thread out and dust her off for another go considering the last couple of days we've had
Anyone put shorts on over the last 2 trading days?

 

[IGO4IT]

Re: XAO---Im about to change into my SHORTS.

thought I'd drag this thread out and dust her off for another go considering the last couple of days we've had
Anyone put shorts on over the last 2 trading days?

Proffessor,

I think if we see another red tomorrow with same magnitude & whether we like it or not we have to put on the shorts immediatly, personally I don't think bears can survive much if this current dive keeps going until end of the week.

Personally, as a resouces bear, I found it very easy before to hop on the rising wave & it was rewarding, in these taugh days, I tend to look back at my garage to look for my bear custom.

its not logical for us to keep going down like that in resources & probably the world peace & harmony attacked gold & oil prices. Just can't see any wars stopping or US hugging Iran as yet!! so I think a short term correction to the upside is possible before the end of the week.

cheers,

 

[Sean K]

Re: XAO---Im about to change into my SHORTS.

All Ords should find some support at 5100 after breaking up the past few days, pending WWIV....Back in to record territory shortly.

 

[GreatPig]

Re: XAO---Im about to change into my SHORTS.

I have to warn you though that I sold one of my two shorts today. That leaves only one short stopping the market from tanking.

If I have to sell that one too, it will be watch out 4000 and below!

GP

 

[GreatPig]

Re: XAO---Im about to change into my SHORTS.

The XAO is currently at an interesting position, around 5235 as I write.

That puts it right on the orange/yellow line and marginally above the blue line below.

The lines are:

Purple: the peak of the two earlier rises in the recent channel. It appears to have found some support on this.

Blue: the neckline of the head and shoulders pattern across the April/May peak. This could offer some resistance.

Orange/Yellow: the base of the main corrections in May & Oct 2005. This could also offer some resistance.

So we're currently at the junction of two resistance lines. Will it bounce back from here, perhaps follow up below the lines, or break on through? And we're only about 100 points from the all-time high as well.

The current rise from around 4950 to 5235 has been very quick, taking around 2 weeks. Now that it's at these resistance levels, will it be time for a breather?

All just conjecture of course. Anything could and probably will happen.

Cheers,
GP

 

[krisbarry]

Sound like you have all the colours in the rainbow on your chart, seriously though, I reckon its a bull run till at least 6000 (Jan07)

 

[Sean K]

Re: XAO---Im about to change into my SHORTS.

All just conjecture of course. Anything could and probably will happen.
GP

I'm with you GP!

 

[Uncle Festivus]

A case of deja vu. Sounds similar to the threads going on now. The bears are persistant if anything
Stop the Clock gets the prize - correct value but wrong month

 

[CanOz]

Many are calling this the end of the retracement, has anyone got the link to the futures, i've lost it when i had to reinstall everything.

Cheers,

 

[nizar]

Sound like you have all the colours in the rainbow on your chart, seriously though, I reckon its a bull run till at least 6000 (Jan07)

Brother thats a GREAT CALL.
You should be an ANALYST.
LOL

 

[Moneybags]

I second that. Amazing!!

MB

 

[champ2003]

No shorts needed here folks and I'm not talking about clothes either.

 

[coyotte]

cheers

 

[coyotte]

Just another approach to SHORTS:

1: First I check the ASX site for allowable SHORTS --- U will find a list with the % of the available loan used.

2: Selecting from the ones with the highest %, I then check to see if they are still near their HIGHS.

3: From that list bring in your T/A --- Gaps etc


Shorted: SUN and WOR using this approach last week --- still holding the two positions.