It been a nice rally from the low early last week and on Friday night with news of Chinese buying into RIO and Microsoft buying Yahoo they will trigger another big rally for our market on Monday morning. But I am happy to take profit and might even short it if spi is going silly upward at the open.
Why ? Because Chinese paying a huge premium for RIO is just a strategic play and not so much for value investment. I can't see BHP will pay up for RIO which means RIO price premium will falls in time and so is BHP if talk of US recession will come true and a very weak job data in the US on Friday.
Also, I don't think subprime issues are out of the way just yet and I guess it's time for me to intraday trading again instead of buy and hold like last week and make sure you got clean undy before you get dump in the washing machine again next week.
are we going green, page-240
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| XJO (ASX) Chart |