and it's wednesday, page-107

wink, cos i reckon most of the stuff people post is bloated with justifications for their own positions and I'm just over it.
So, to justify mine, if someone shows me how I'll post a chart occassionally. In the meantime, to see why FTSE par with XJO is not unreasonable, on Ig if you pull up the UK banks vs the FTSE you'll see the banks have diverged and called the fall all the way for the past year and a half.
They now call for a FTSE in the 3345 area at least based on a simple estimate - current UK bank/Sept UK bank x Sept FTSE.
You may not think this is fair but if you do the same for OZ youll see it puts the Spi around 3620. Right where we are.
So the FTSE is bloated. bigtime. based on that back of an envelope calculation.
To go short here is shorting a big hole and risky, and every other bugger is long expecting the oversold weekly and monthly momentum indicators to hold true based on decades of data.
But this remains a credit crisis and we must have a cash crisis I think before it ends. I mean ATM not working type crisis. And then they'll rethink the whole cash system while people starve.
Why today? I just felt like posting tripe and it may not but the FTSE is toast and quarters do not end in the middle often in my experience. They either push the lows or the highs mostly.
Maybe I'm wrong. Maybe the Christmas rally will eventuate and tear my face off but somehow I doubt it. Not this year.
Take care.
BTW love your avatar. I hope its you. cool.