Along with the other technical traders here, Im wllling to say the rally is over and shortable.With virtually everyone saying we have seen the back of the bear after such a puny rally - you can bet it is back all right.
XJO is making a rounding top - always a pain to trade, and is setting up a small head and shoulders which should take it down to 3460. BHP has made a Gartley reversal. Financials are still looking OK.
I remain resolutely bearish and think we may see 2400 before this is over.
It has been a great year - Im up about 20% on total capital since Nov, and 80% on the CMC account - and it's reassuring to see a consistent money making pattern rather than just a couple of winning trades.
Unfortunately the upwards-trading bias of the big end of town means they keep making it harder and harder to trade the downside on any volume.
bear rally over
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