no real surprise we saw a bit of a bounce in the US markets overnight, as I was discussing yesterday the VIX is usually a good indicator as to near term sentiment in the global markets and surprisingly given the recent tough trading conditions the VIX had shown no additional signs of distress recently, how long/far this bounce will run its hard to tell but what the VIX is indicating at the moment there is little fear that a significant drop is on the near term horizon.
in terms of our market, no real pre-conceived ideas on what to expect today, I will be keeping an eye accross the spec BIO sector as it has provided excellent very short term trading opportunities recently.
will be interesting to see if our market can sustain a bounce today or will the overseas hedge funds that have been shorting some of our largest companies take the opportunity to continue to short sell into any strength.
a quick comment on the frustrating trading in NAE, no doubt there is some manipulation going on at the moment on both the buy/sell sides if it continues for too much longer confidence in the stock will start to take a medium term beating.
I agree with Barnsty/Exit/Endless that something is not completely right with NAE, but given their excellent project acquisition in Colombia and future acquisitions I will continue to trade the ranges until such time the market pulls out the red felt pen and puts a line through NAE.
finally a sad day for all involved with CNBC with the passing of anchor Mark Haines, for all viewers of CNBC they would have appreciated his roles in the coverage of 9/11 and the GFC, I will certainly miss his take no prisoners approach every night as the start of wall street trading approaches, thoughts go out to his family.
