looking at the chart, charts, so far so good. The XAO has...

looking at the chart, charts, so far so good. The XAO has adhered to the ML well, which is convincing, for me anyway, that they are in the right place. This is the old chart but if you can imagine the price action over the last couple of days we have hit the upper ML twice and retreated( i will put up an updated chart over the weekend). Today will probably be an up day but don't be suckered into the bullish frenzy . . . well if it is an upday! the aussie market has been a little more autonomous latley, suprisingly so. The banks and resources have come off somewhat rondog and although NCP has bounced it is still in a medium term down trend. The index has to fail 3170 for me to be 90% certain but it does look like it probably will. I am interested to see what the resources will do today. I am expecting that BHP will be nearer to $11 by options expiry and RIO will be closer to $35. Also the banks especially WBC are still adhering to their downward channels. Anyway we will see what unfolds today and tonigh in the US. k