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.
