thursday fun, page-26

Volt, can you elaborate, what 3 day dynamics is?

Anyway, I think I made every mistake in the book yesterday, except rule number 1 - money management, which kept things in check. I was trying to force my opinion (and force my timing) on the market, and a silly order execution error, but all is good today.
At the moment the range needs to be respected, so I will wait for a good short entry point. Heres my interpretation of the range, which looks like it might target around 4740 for a top on SPI.



We had our first SPI discount on close of yesterdays day sessions for a fair while, but nothing out of the ordinary. I tend to agree with the suggestions that the market is waiting for QE2 before the next move (it is less than a week away). If the AUD keeps falling, our market may start to look attractive again to overseas investors, but a rising USD has been associated with declining markets as of late. If we range trade into QE2 and US election mid next week, then we have enough time for another inside range bottom, and perhaps a half top. I then favour a fall from there, but am open to a move either way.