S'cuse the shpelling. After todays action, the bottle of Southern comfort has been drained.
Want the good news or the bad.. Let's start with these annoyingly chirpy doomsayers. You know the ones who say they don't care if the market goes up OR down because they are very clever. Very very (hic) clever.
Bringers of bad tidings.
'Some models such as Ferrera say there is no rally here and we decline into late this year!' VOLTAIRE
'Look's like support at XJO 4581 will go today. Now we could be getting reasonably serious about a move down if it breaks XJO4451.' FLETAP
'4300 is the neckline bigdaddy..anything above that we assume the formation is still in play..anything below that and the dreaded C wave to the downside comes into play..' MARTIS
'Brace for XJO 4200 folks.' AMHTET
'4250 here we come by late next week???' HOPEFULONE
'50% of WBC shares sold yesterday were shorts - maybe we should do the same.' LINDFIELD
'Plenty of oversold readings on the charts but as the old saying goes 'markets often crash during oversold conditions'. INTUITION
....But, there's a star in the east
'The markets have to go up because everything else from governments to banks to property to employment to statistics to projections to whatever is on its knees.' PISCES
'Lock and load, screen time tomorrow just in case.' PAULEY
'Might even be a reversal night on the yank market' SANFELIPE
'The market is as strong as ten men considering so it's just a matter of finding a bottom here' PISCES
I will sober up for a minute and give my view.
XJO Prognosis
If only we had a motivating leadership.. to enthuse, encourage, give confidence and hope to our industry sectors. It is not done by referring to our industries, our employers and creators of wealth for this country - as 'Polluters' and fat cats that deserved to be taxed extra. We have lost so many industries already.
For this reason, I can't see us shooting for the moon for quite a while. We may bounce off 5000 again, but why would we go higher? Commodity prices are already priced in to future earnings. Banks aren't going too far in this economy. Manufacturing - ditto. Consumer staples - well maybe we will eat more!!
Conclusion - Aaarrrrghhh. I hate to be a pessimist - Range bound to the downside.
The Crappy portfolio is getting crappier. I will air my dirty laundry and show what a useless trader I really am. I have now hit rock bottom and am entering into the twelve step programme and, according to mail I have been getting, I have a great face for radio.
So without further ado.
My Crappy Portfolio - end of trade Tuesday July 12th
(20min delay)