Goldstein-Morris went ultra bull today, chopping defensives for...

Goldstein-Morris went ultra bull today, chopping defensives for more resources.

He's got a good track record. He's good for 100 points.

He normally packs a huge punch, a lot of traders and managers follow him. To see if today's strength is justified, look end of day at volume of shares versus call options transacted (3 days time).

It's probably knee jerk, lots of funds are short and in cash, and will be buying oppies in case he's right. Unless the volumes are phenomenal, then you might see a shift in sentiment for awhile which means pre Christmas rally.

Still, he's stopped short of calling the bottom, saying resources are the place to be and makes no mention on global trends, just Australia.

Hang Seng's just dumped.

I don't like going against Neil Goldstein Morris, but he's also notoriously early.

No change in my opinion, we're going lower, but shorts need to be aware he's gone bullish and he has some influence.