Support for XAO comes in at 3130 . Quite possible to hit this next week . Look for a bounce off this figure and then who knows .
Defensive stocks which are at a good pe and yield will remain in favour .
The worst case scenario is the final capitulation which may happen will leave us all unwell and in war as some have suggested .
This is not my prefered choice but with many farmers starting to feel the pinch our golden run must come to an end one day .
So far we have survived Russian crisis, Asian crisis, y2k, Nasdaq crash and some of the biggest corporate collapses in history . Witness Kmart USA , ansett, pasminco , enron , HIH, HARRIS SCARFE and the others .
It might not be over yet.
cheers ge
ps; I'm long and wrong.
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