monday mess

Morning all, XJO now has 11 red candles in a row on my charts and the start this morning looks like Augusts lows will be tested some time this week imho. Might as well sneak it in while the US is asleep so if they bounce we have a good excuse to climb out of this mess. Problem with all this is I haven't seen much evidence of sustained selling. A lot of the moves have come from gaps at open and then we have climbed slowly during the day. Looking at the SPI data the majority of the bigger moves have happened during US market hours, not ours. This suggests to me that people playing our market see the gaps down as buying ops but it just keeps falling. That has got to be burning some holes in pockets and super funds.