XJO 0.86% 8,355.9 s&p/asx 200

a rally is on, page-68

  1. 9,861 Posts.
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    Personally i sold out of most bank shares ( still have some ANZ ) into close and hopefully will look for lower entry again over next few days. Why ? because most of them have rallied +7% off there lows. If they fall back a bit it will form higher swing bottoms and mabye create better buying.
    Also if you overlay a combined metal's indices chart ( from CME ) and a XFG ( aus banks) you will find that every now and then when metals are at extreme highs and banks at extreme lows they both turn sharply. Examples of this are march 03 , july 06 , and possibly now
    What im merely saying is there are good chart reasons to watch both very carefully
    Coincidently the metals index is at exact high level as the financials got to in oct 07 , and the financials are currently at the same last significant low of metals in jan 07. The last time this happened was in March 2003

    I would love to post the chart and i will check with my provider tomorrow if i can as it might help us all or if you want to provide an email i would be willing to forward if i cant post the chart

 
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