upthrust tuesday, page-102

Hi Redbacka, I have studied your XJO chart closely (using a ruler on the screen, lol), and I see some minor differences in your data and mine, and it seems to produce a seemingly minor shift in the position of the bullish channel, but an important one, because the result on my XJO chart is that today's did not close below the lower boundary of that bullish channel. Therefore, for me, the bullish trend remains intact. This seems supported by the 4977 level which also remains intact.

So far, the XJO seems more resilient than other markets. Negative sentiment certainly seems to have increased very strongly, yet despite Europe being down so far tonight, US futures are up, and my market maker has out of hours quotes on the XJO steady at today's closing value.

I should also point out that from last week's high of 5107 (an advance of 773 points from the November 16 low of 4334), today's close of 5003 represents a retrace of 104 points or 13.5%.

For money, Italy seems a rather flimsy excuse as the reason to cause the market to drop much further. If its going to go down further, I think it'll be something else (but dont know what).

Btw, despite my comments above, that doesnt mean I'm buying. I'm taking profits where its worthwhile but holding elsewhere until I something more convincing to the downside.

Cheers, Sharks.

PS: My comment on the higher traffic on this thread today, quite a bit was generated by unnecessary aggro/BS, which imo is a turn-off for people contributing to this thread (and why I didnt for a long time until recently). The weekend crowd are great though, even though I dont know how to post songs, the vibe is great.