chart, page-2

robbbbbbb,

Many thanks for taking the time to express your point of view and indeed displaying your charting skills. You alerted me to a possible fall in the sp of CBA a month back as I was looking to enter and I was grateful for that! :)

Like you I shared the opinion of CBA acting as a barometer for our market as it was the first to reach 2.5 yr low in March.. only to be followed by the rest of the market. Once again it has reached further lows (4.5 yr low) and the rest of the market followed again! lol

I too bought and sold WOR in the earlier days and always thought I’d missed the boat in the last few years for a re-entry as I thought it had been overbought like many others I imagine.

It wasn't until Oct this year when I noticed that it had retraced to FIB levels 161.8%. This is when I started keeping a close eye on the stock looking for an entry around the $18 mark. I have since been buying on weakness and scaling down my entry. After throwing down a substantial sum of money I am done at an average entry of $13.28 and as of today a stop in place at $10.50.

A month ago there were lots of brokers with a buy recommendation on this stock which were all around the gap mark ($22 -$27). Some as high as mid $30's. We all know this has not been the best year for broker recs so best to take them with a grain of salt. I too believe the market will bounce around for a few months at least before seeing new lows in 09. If this is the case I would also expect to see this stock in the mid to late 20's.

Great to see some upside today, I think a substantial amount of the upside is short coverings but nevertheless can't complain if it keeps at current levels on the close.
Mind you, would be a concern if it wasn't rallying with the market really humming atm! :)

Tonight extremely important on Wall St imo, I am praying for 920 on the S&P 500 at some stage this week. If it hits we could really be off.. Then 1010 or am i dreaming?? lol

Thanks again Rob & cheers
Barnsty