xjo weekend zoomba lounge., page-8

It felt like a short-term top yesterday when BHP failed to make $45 and one cent, ANZ $22 and one cent, and CBA stalled at $51.98 -- not even the round $52.

Smart money was piling out of BHP at the first hit of $45, and the fools ---yes, we need them for us to profit --kept buying at subsequent hits, but alas, not enough fools about to take out the entire $45 sell queue.

XJO hit the 38.2% fib of its retrace since the April high, and price positioned on the 50 and 500 day sma which could be a short-term peak. Good support at 4580.

But I think it's aiming at least for 4700, the 200 day sma.

Employment data in the USA??? I have never believed in news determining the trend in markets. A top is a top when it is technically a top, not because a crude oil pipleline burst, the Greek parliament voted this way or that. or Non Farm Payrolls are over or under estimate.

As I always say, news may cause flash-in-the-pan spikes, but price quickly settles back towards its trend.