green green, page-34

Morning all,

Merry Christmas and best wishes from ol' wxyz.

I had an interesting weekend talking with some very experienced and cunning syndicate traders (and it was at the beach :)).

Main point derived from the discussions:

All ords to bottom @ 2800 - 2600 next year. Almost all agreed on this.

But disagreed on the timing, some where saying rally to March then downside to 28 - 26. Others where saying the low would be at March.

Take it for what you will...?

Now to BHP business.

I mentioned earlier i would be doubling my holdings when BHP dropped below the blue ascending trendline...i have not.

Ive allocated that money for a potential short entry in ERA....for what looks to be greener shorting pastures :)

If BHP falls below the lower channel trendline, i would expect further downside. On the flip side, if BHP hits the upper channel trendline, i will be increasing my short position.

In any case the trend is still to the downside..and im starting to think BHP has had its christmas rally already with a 50% increase off the $20 low!!

Todays price action so far, is not encouraging for the bulls, but its only early days...see you at the close.