***get shorty***

I have been keeping a close track of ANZ chart and it looks ripe for a short. It has really gone on a tear in the last week or so, and quite frankly needs to take a breather. I am not saying it will go down, but I think there are good probabilties it will. The last time it reached this level was back around June 03 and before that was Sept 02. So it has really struggled to break the 19.25 mark in all this time. This is looking at the weekly chart. The next thing that suggests this is headed for a fall is the fact that over the last week it has really risen up and risen up fast. What comes up must come down. Again, we are dealing with probability here. Yes it is dangerous shorting the banks, I dont like doing it myself but I will on this occassion. Next, when looking at the daily chart it seems to be trading in a very steep channel, it hit the upper limit today and fell back again. The opportunity that could arise is that if markets in the US do fall which the futures is indicating then you might get a situation where money is again funnelled back in the banks as a safe haven type play. I am hoping for ANZ to hit anywhere around the 19.10-19.25 mark and if that happens I will jump in for a put. Again ANZ might not necessarily go down, but I think there is a good probability it might.

Take care Trading

Jukes