update - special report - stock market cycle, page-8

Hi Stevie,

Point taken - and it's a good one.

I wish I hadn't got into a discussion where I raised CBA - it's a distraction from the main event. Trees and woods stuff.

I would note, however, that stocks often recover the drop caused by ex-divi payments in a matter of days. It happens over and over when they're in bull mode. CBA hasn't done that - yet. It still might. But not yet.

In the long run, if that island reversal remains isolated - it's a print that will be impressed on people's consciousness.

In the meantime, here's another chart - the XSO (Small Ordinaries). The lower pane shows the XSO in relation to the XJO - that's bearish.



Good luck
Red