What's the old saying?'The trend is your friend.Until the bend...

What's the old saying?

'The trend is your friend.
Until the bend at the end'...

Just kidding.

CBA has been pretty bipolar lately so I won't be predicting what's next.

I do have puts and that trend line is the most obvious to offload some/all or hedge.
That's the mid $96 support was talking about.
*It's actually low $96's if hit's in the next session or two. That might be pushing things but with NFP tonight, who knows...

The wedge like pattern which could easily be taken as a bear flag or pennant is similar to the consolidation zones seen on US banks since the banking crisis sell off.

Did a quick post on US banks responding to a question on the XJO thread last night - can view here
Since then BNKU did test lower support overnight

Also, did a quickie on JPM - can view here
In overnight trade JPM did lose that 'yellow support', which makes it one to watch.

Yesterday most equity markets were getting smashed and then a hot jobs report added some heat.
However NFP tonight probably holds more sway, so can only wait and see what comes of that.
If it's another hot number then I think that green trend line of yours may hit sooner rather than later.

I'll be watching US banks though.
If they start breaking down or breaking out of their consolidation zones then theres a good chance we follow down under.

On a side note
I'm also long VIX as it just broke out of a falling wedge.
It's been suppressed for a while and the break out on no news is something to watch as it may be signalling some torrid times ahead.
Overnight was up close to 30% in just over a week, so it's worth a watch.

All the best mate...