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All is interconnected though. If resources go into the tank in Oz, so does everything; property, financials, tiddlywinks... the whole shebang.
There is two theories of course (as always)Even gold producers/near producers with financing arranged?
Looking at the candle sticks of the xao on Friday, Little volume and movement, being a doji.
This is a positive sign,not a bad sign.Hopefully it will gradually crawl back up. A 6100 to early may have no backbone.
Fridays action is what made me think totally bearish green doji just above the close shows indecision. We had two poor attempts to move forward. USA markets was just as unsure the two rises came out of the negative in the last 30 min of business.
A slightly lower red candle on low volumes is a continuation candle.
Both the days on the US and our market told me to watch out the only reason I did not go short last night was due to the last minute surges on the dow, I did not want to stay up all night! I saw it as a matter of time before the selling continued.
Lets hope this next plunge can be an exhaustion move and show a true bottom.
I will be looking to make some intraday plays on monday could pluge and rally or plunge with minor rallies, I am quite sure we are going to give back all of the last two gains on Monday, most likely more.
Good trading.
Isn't the market closed on Monday? Might not be such a bad thing
I'd expect a bounce of some sorts here. Support + 200 d ma, plus where is the BB? Way oversold. Looks like crash material really.The bouce on the stochastic might be a signal of buying....Haven't seen the MACD look like that for some time. And the trend hasn't gone under the 200 d ma since.....when...03? Maybe I'll wait a bit....
What is surprising me atm is the how alot of people are treating this current correction. People seem to be under the impression that the sub prime problems have nothing to do with the Aussie economy & market and will go away as quickly as they appeared, I'm no economist but if the problems in the USA are deeper than what everyone thinks or has an affect/spreads to the overall American economy that surely has to have an affect on the rest of the world, us included.
Alot of the comments on the threads atm are "this or that is cheap" or along these lines and people are expecting the stocks to bounce back quickly and to be retesting highs shortly. This seems to be especially true on some of the spec stock threads.
But what if the type of market we're in is changing? While I don't think we will drop straight into a bear market, I think it's starting to look like we will be in a sideways market for a while - for at least the next few months, maybe even longer - 1 year+. It appears to me that alot of people have fallen into a "habit" of trading a bullmarket or have only ever traded a bullmarket and seem to think that the good times will continue for ever and are failing to plan for the next phase of the market.
So to me now is the time to start looking at different strategies for a different type of market (be prepared, and if the bull continues keep your current strategies).
I have attached a chart with the last 3 larger corrections circled. The first thing I noticed about this latest correction is the distribution at the top before the fall and how sharp and hard it has fallen compared to the last 2. Judging by the sideways action after the correction in May last year we could be in for an extended sideways pattern after the fall stops.
And unless America finds some support somewhere shortly I don't think that the 200mda will hold up.
Sorry for the rant, my 2c worth. The more knowledgable/expirenced will no doubt have a different/more informed view, please feel free to correct anything.
No mention of the Chindia factor??????????????
Funny how China is shrugging all this off ....
Makes me think the fed will let it run down till China takes a hit too (>:
No mention of the Chindia factor??????????????
U guys make me laugh.
Always with the china thing,
China will crumble when it crumbles ATM I would suggest you concentrate on the leading influence to our markets the numero uno USA.
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