Yes, today, so far.Failed to break lows ...condolences to those short. Anyway.. shorties got enough cash now ....its time for longies to have some.
Yes, today, so far.
Tomorrow the US may go up 5% and then down 15%....
The rollercoaster continues.
What a weird close for the financials. Most major banks down 4-5% but most small regional banks up around 5%? What gives there?
What a weird close for the financials. Most major banks down 4-5% but most small regional banks up around 5%? What gives there?
The AUS gov't says apparenlty there is 2% growth next year, yet they have decided to substantailly prime the economy at substantial cost to the surplus. If we genuinely are to have 2% growth next year then there is no need to prime the spending like he has.
The gov't has clearly known/suspected for some time that the indications are that the whole world is going into recession, including us, but they keep talking it up. Can't blame them I suppose becasue whilst we would all like to know the real depth of their concern, it would devestate the markets with the psychological swings it causes on peoples minds.
Nope. but still plenty in the futs.Shortsell ban lifted today ??
Pretty disappointing morning but not all that unexpected with the shorts holding the upper hand this week. They have now pushed back below where we started the week.
Will be looking for the Friday afternoon unwind. In this case a rally into the close??
Well, it's certainly raining at the moment. The DJI and S&P500 are unwinding aggressively in wave 3 of 3's. As for the XAO, it's working impulsively in 5 waves lower. As previously discussed, there was a chance that the XAO could have been an expanded flat correction on the hourly chart to complete wave II circle, as of the close yesterday an expanded flat was out of the picture.
In any case, as previously discussed, the market action after the completion of wave II circle meant aggressive downside momentum in wave III circle (or to possibly subdivide further - most likely). The financial sector has been holding up in a sideways wave 2 and should now start to break down to push the XAO lower.
Sunder came thru unscathed, and is probably going to be in for awhile? - so some good news for some.
The S&P500 should start to hit a series of wave 4 corrections very shortly...more about the impact to the XAO wave count later...
see aboveOn Friday the 10th Oct, the Elliottwave count strongly indicated further downside on the XAO .............
...which is around 3400 on the XAO (as shown), before wave iv up starts.
All those lovely cheap stocks!
I can't wait! All those lovely cheap stocks!
Not cheap just revalued down, that's their real value now..... understand ?, not cheap. If they were cheap we'd all be buying them and we're not, get it ?
(people just don't seem to get it)
That looked like a pretty complicated way to forecast a simple 50% pullback from the peak. The all time high was 6854 intra-day. Half that is 3427. Done.
I'm still kind of expecting either the 3900 or 3500 support levels to hold, but the speed of the drop suggests it will go lower. I can't wait! All those lovely cheap stocks!
The S&P500 is forming a diamond bottom. The Dow is pausing within a pennant formation (could it reverse in the short term?). Both indices are showing the first signs of contraction, though it is too early to call this confidently. The XAO is looking more gloomy than both the US indices right now...I'm not suggesting we're not going immediately lower. But there is a weight of evidence that gives me reason to pause.
As briefly covered here...
Here is the 100yr chart from the ASX, which quite frankly makes the current drop on the XAO insignificant when compared to the previous 100 years of progress.
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