the $31/$32 barrier & bhp in london and the us, page-84

Evening all,

Interesting days trade today.

The defensives took a bit of a hiding, stocks such as WOW, QBE, CSL, COH, AGK etc all down... and on top of a positive DOW lead to boot.

$$$ moving out and finding better value elsewhere perhaps. Or are these defensives overvalued and returning to the market norm.

Will BHP be next?...

On a brighter note, i didn't expand my short in BHP today, but i was tempted.

Im torn between two schools of thought.

1.) Multiple attempts to break resistance at $32 have failed and will continue to fail, a sizeable pullback is on the way.

2.) Multiple attempts to break resistance at $32 are drying up the huge supply of shares available at $32. Once the supply at $32 is removed we will see an explosive move to the upside.

Watching...waiting...if option 2 comes into fruition ol'wxyz might be forced to eat a piece of humble bullish pie :))

(Actually, 'humble' and 'bullish' are two words which should not be used in the same sentence!)

I did open a short position in ERA today with a stop at 20.50, which is looking the goods so far, should be a couple of $ in it...we'll see