for those of you that dont know, page-5

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Yes I know your style of trading, and for the life of me I have no idea what your reasoning is "but it seems to work !!!!!

So that's great, if it ain't broke don't fix it.
But I have my concerns about going long in this market. I really do feel we are sitting on a time bomb when it comes to the ASX.

As you know I have held some lazy money on DMP since November, and I will continue to hold my core stock for a few more years.
However I have been holding mostly cash for awhile now and trading in and out at the end of each day on various stocks.

I was trading CML on Friday and broke the traders rule by holding over the weekend (not a smart thing to do in 99.9% of cases) But after watching the depth for most of the day, I was convinced that there was a big accumulator at $13.80, so I left my sell at $13.81 on the close thinking if I gets taken out.....thats' fine but I was fairly confident of getting taken out on Monday regardless.

As luck would have it this article appeared in the news paper this morning.

http://www.theage.com.au/news/business/coles-myer-rockets-as-predators-form-one-pack-for-the-hunt/2006/08/25/1156012740174.html


Now, I only have a lousy 5500 shares in my kitty, but when you're trading for a $400 or $500 pick up a day it should be a sweet little plumb over the next week or two of around $5500.
Let me see you get that sort of interest in the bank !
Now just to prove I'm not full of it, I'll amend the order to 4444 just before the bell....and then I'll pull the sell ;-)

Getting back to Looksmart, I agree that the depth on the ASX is shocking and the model is very hard to understand, but the amount of institutional buying was the closing factor for me.
Short term traders won't touch the stock either, which I find a bonus.
Sit back and watch the master at work mate ;-)