short now, page-12

MY thoughts are that a breakout into the 08 channel has now failed after a stellar rally. A retest of the lower limit of this accumulation/distribution channel is on the cards. The USD is recovering from recent lows, which suggest a US correction is due. CBA shot up around 63% from the low, and that’s a fantastic return for those of us who bought there. There a plethora of fundamental question marks over CBAs earnings going forward, so to my mind a 63% return in a few months is not bad. initially $31-33 target.

As off Friday im out and now SHORT big time. Fortunately todays action allowed me to move my stop well into cost + brokerage, so if im wrong who cares. In any case I can hear Clown tears this week.