I hope others don't mind as WBC is a decent weight in the...

I hope others don't mind as WBC is a decent weight in the index

Volt
When I was looking for a Nov 6 high, I expected the move to come from resources more so than the banks, and even though that 5038 didn't happen, what did was the steady retrace of the banks as the resources took over the limelight.
As you know, when the banks are not firing it generally means caution.
If any lead comes to higher highs in early 2010 then its fair to say it will be with the aid of our banks. So in anaylsing them its probably best to see where they make lows in the coming week to decide where to in 2010. Do they make new highs in 2010 ?? I don't know but right now I would say no.


First chart shows the 2 major ranges of WBC and smaller is complete, so if further decline comes then 21 ish would be a good buy IMO.



The sever decline as shown on the stochastic's leads me to the DMI, to see how strong the trend is and i have highlighted the past 2 strongs and what currently looks strong ??
Main reason being im interested but happy to be patient, and note our patient one needed to be after the intial low in Nov 08



Then looking at the current ranges in play and knowing the above, I think if we hold here then targets above are possible but one cant rule out the continuation of the decline of which i think should be more to do with consolidation.




I have a habit of dodging the question, but Im sure in a round about way I have ??

Some will suggest Friday was a Bear trap and maybe so, but my gut says be patient and be careful the bear trap does become a bull trap early next week.
I more cautious now than I have been throughout 2009

Im willing to pop up a 2010 road map after the 7th December

Regards
Rob