No offence, but forget the IO price as it will, IMHO, fall.... then rise.... then fall.... then confuse you.... and then be meaningless.
Worry about what the players are doing in this market. Since foreign capital abandoned the XJO research has become useless and shorts rule. Look for stocks that are being shorted and avoid until the short covering rally. Look for heavily discounted stocks like OST and take an interest (but do not buy your new Porsche until the profit is booked) and look at stocks that are, IMHO, in their death throws (BSL) and avoid. The shorters move in packs like sharks. Learn how they behave and profit.
One of the worst performing sectors on the All Ords this week was gold. Amazing considering the crap going on and just goes to show that those that went for gold pre-Greek election (2) got burnt.
IO has a floor around 99.00 because costs have risen so much and the US dollar is vastly lower than several years ago.
ST, your stuff is good but, if you do not mind me saying so, you seem young. Do not put all your faith in charts and RSI. Look for the reason behind the moves and incorporate that in your work.
OST Price at posting:
87.0¢ Sentiment: Buy Disclosure: Held
