I know it's a bit off topic, but just to indicate how nobody has...

I know it's a bit off topic, but just to indicate how nobody has any idea in the current turbulence, this news flash was sent out by Dow Jones (a reasonably well respected news source) just prior to our market opening this morning. It suggests the ASX200 will be up 3-4% today and "S&P/ASX 200 should test key resistance at 3742.52 (Nov. 28 high) and close above that level."

We are currently down almost 1%.

OK, I admit we may put on 4-5% between now and close. If we do, drinks are on me.


2250 GMT [Dow Jones] S&P/ASX 200 should rise 3.0%-4.0% today, based on SPI futures and Dow Jones Newswires technical analysis, after Wall Street continued surging on Obama's weekend commitment to the biggest public works spending since the 1950s. DJIA is outpacing S&P/ASX 200 by about 7.0% (from November lows to latest closes), so there's scope for outperformance again today. S&P/ASX 200 should get an added boost from resources after they surged as commodity prices regained what they lost Friday. Based on DJIA's rise, S&P/ASX 200 should test key resistance at 3742.52 (Nov. 28 high) and close above that level. However, there's a very strong level at 3780 (50% retracement of Nov. 5-Nov. 21 fall, downtrend line from Sept. 26). Rejection from 3780 could be taken as a sign the market expects Wall Street to encounter some profit taking. A break of 3780 could run to 3910 (61.8% retracement). Banks may be restrained by Westpac's (WBC.AU) A$2.5 billion capital raising, although traders expect that to be snapped up at A$16.00. Index last 3631.6. (DWR)