J
Hope you get back here to the yoonightedstates soon - SWMBO and I have had a blast this trip as always! It might be cheap for you to come next year - the achievement of dollar parity appears to be a mere formality now.
Today was a shocker here in the US as you know - sentiment on the financial news services is poor, as expected. Bernanke has rattled confidence with his careless statement to the Banking Committee about banks failing and the spectre of 1970's style stagflation is all the talk here. Credit concerns abound and the housing bubble has well and truly burst. About the only positive sign is the large number of job vacancies for low paid employment in hospitality and retail.
Below I've updated my XJO chart and I'm very confident the "Treggs" broadening wedge failure will be confirmed, with further XJO falls next week completing a Partial Rise rather than a bullish full traverse of the Wedge. The pattern failure could be expected to culminate in a break down out of the wedge and down to around 4772 - a 50% retracement of the 5 year bull market rise. I've also included an old weekly XJO chart to show the possible downside more clearly - on the weekly chart 4772 looks very reasonable imo.
and the weekly:
JHope you get back here to the yoonightedstates soon - SWMBO and...
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Last
8,092.3 |
Change
139.100(1.75%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,953.2 | 8,092.3 | 7,952.8 |
| XJO (ASX) Chart |