monday madness, page-48

THe big miners are down on the selling over the rest of the market. Actually, I disagree on the comment re: miners above. They will sell down further, as they approach critical support levels. I think BHP will get very close to $34 in the near future based on the lower bollinger band and 50dma, which intersect nicely there. A breech of this level could see it lower, but I don't have a lower price target at the moment.

Monday night will be critical to this "correction" in the US. If it continues monday night, then I think a strong bounce leading into the end of the month will be a fairly low probability. I think from a sentiment point of view, we would need to see a significant gain on monday US before we start calling the reversal back to the prevailing uptrend.

6000 should hold, and would create the most confluent area for a bounce based on technical factors. I agree with that.