Differing opinions make a market...would cease to function without it.
DOW should failed last night (if it were on the card) and the long tail points to an immediate rally.
Current DOW activity equates tro August 16th...you can check to see what happened immediately afterwards.
Whilst CVI is ammune to the DOW to some extent, it does impact the edges of trading during the softer periods...such as now...which is why we are getting the lower consolidation/distribution range today than it might otherwise have been with a more robust DOW.
Oother considerations specifically effecting CVI are OIL prices and of course the US market exposure.
One of the things we are seeing at the moment is something of an influx into our market of international funds...particularly US...so in essence, may of the falls in the US are simply the result of a distribution of funds to other markets...particular resource based such as Australia.
Of course, a significant focus in the states is the oil price...so with fund looking for aussie stocks, CVI's direct exposure to the US exchange is perhaps being underestimated.
The pattern has been the same since 7c...rally...pullback...consolidate...over and over...all the while the value madel takes shape and progress is made.
No sign what so ever in my eyes of a reason to walk away from CVI...everything to the contrary in fact.
Just an opinion of course.
Cheers!
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
