monday trading, page-3

Not too sure about banks though sanfelipe. NAB was a good result, but ultimately a sell off of resources will bring the market down further as a whole, and banks will follow. I can't see banks being the pillar of strength at the moment, given they are the main culprit, and with higher interest rates, and lower lending eroding profits, forward estimates may not be as rosy.

Metals look set for another downleg, and Freddie mac is likely to report big losses wednesday in the US.
I think the US handled the fannie mae losses too well, and sold down on cisco far to harshly. The opposite of what I anticipated.

XJO appears to be holding too strongly, and I believe the start of our week at least will be catch up with the recent weakness in the US.

And onto my swing chart now (new software, seems fun): The current trend is up, but appears to be in more of a consolidation pattern, but on the monthly, could look like the downtrend is still firmly in place. This would not be the case should our market advance above 5950 or so. But any pull back now to below 5600 would probably bring further downside. I'm very new to the Gann method of swing charting, so any tips would be appreciated.

Cheers:)