gulp - new week ta @$1.055, page-2

well that was certainly a day for LYC to forget

after the market started with a slight bounce, for most of energy and materials sector the rest of the day was sheer panic in the opposite direction :(

within the ASX100, LYC was of course the biggest loser but at least we had some friends tag along with us

since the general markets APR11 high some of these other stocks (ASX100) have been hit hard as well, like - AGO -7.9% yesterday, Apr highs -29%, FMG -7.1%, -32%, WPL since Apr -40% and BHP -33%

now once again the market is expecting a big green open, wonder if after a few days or hours it will once again turn into just another pump and dump by the pro's or if it can grind higher ?

I certainly will not be buying or for that matter selling today tomorrow or the next, will be once again waiting for some bullish action after seeing a higher low. Only then will I turn off my hedge and dip in again. btw the shortside of my hedge now far exceeds the longside.

these are only my thoughts/opinion and of course should be taken with a grain of salt, and if one buys today or whenever wish them success with it

.....

warning, I've updated the day chart so some may not wish to look



also some thoughts on the S&P500 day chart



........

overnight market action

US MARKETS


Stocks jumped and blue chips staged their biggest percentage gain in more than a month, as investors bet that efforts will be taken to stem Europe's sovereign-debt crisis.

The Standard & Poor's 500-stock index gained 26.52 points, or 2.3%, to 1162.95. The Nasdaq Composite was the laggard, gaining 33.46 points, or 1.4%, to 2516.69, after spending much of the day in negative territory. Trading volume was slightly above the recent average, with 4.55 billion shares changing hands in New York Stock Exchange composite volume.

Stocks closed near session highs following reports that a "special purpose vehicle" to help stem Europe's debt contagion was in advanced development. Those reports followed a European Central Bank official's endorsement of a more aggressive bailout plan and another official's remark that the ECB can't rule out an interest-rate cut

"The market was in the mood to have a bounce, [even though] it's just talk and more talk, a lot of supportive talk," said Tony Norris, co-manager of the Wells Fargo Advantage International Bond Fund in London. "Unless we see more action, it's going to be a very short respite."

The financial sector was the strongest in the S&P 500, rising 4.4% in a reflection of easing European debt worries. J.P. Morgan Chase was the strongest blue chip, rising $2.06, or 7%, to $31.65, followed by Bank of America, which gained 29 cents, or 4.6%, to 6.60.

IN COMMODITIES MARKETS

Gold ended below $1,600 a troy ounce for the first time since late July, as investors' urge to raise cash curbed interest among some cautious buyers

IN EUROPEAN MARKETS

European stocks rose Monday, with bank shares providing much of the upside, amid hopes the European Central Bank is working on new ways to alleviate the region's debt crisis