support

We are nearing support level at 1.5 cents to be tested during this week, it appears.
If it breaks, we could drop as low as 1.2 cents which would be incredibly irrational of the market.

We can see risk money being pulled out of the ASX on a massive basis. A large percentage of the money on the ASX is foreign money which is altering its risk exposure, nearly regardless of the underlying story it appears.
The Greek exit from the Eurozone is almost a given event as electorate seems to support anti austerity parties in denial.


The Spanish bank bailout did not satisfy markets as being insufficient and just another short term fix to an unsustainable long term worry.


Personally, I believe that tighter fiscal union, with the sacrifice of some sovereignty by single members, is the goal for the Eurozone, its the only way forward of a Eurozone survival.
In the long run this will support the Eurozone and make it more competitive. Short term, we look at plenty of pain along the way and with it irrational and risk averse
markets.

I would expect things to get worse before they get any better, particularly since recovery rally on the DOW did not exceed the levels necessary to varify a bull market correction but possibly the points towards an introduction of a bear market.




For OBJ in particular, I do firmly believe that this company will be a strong performer once those agreements with major global partners come to fruition and both exclusive partnerships have the concrete outlook to be successful.
The second half of the year could turn out to produce the long awaited biotech bubble often mentioned on this and many other bio threads.
For the clever investor, the next weeks could provide some very attractive entry levels.