redback report. week ended 7/5/2010, page-9

Hi Red,

To get back on topic, I'd have to agree with the gap down opening.

What happens after that might be determined by the forex market.

Continued carnage there and we'll probably have another down day.

But I'm leaning towards a rebound against the American dollar by the Euro and a white candle by the XAO - probably an inside day.

I don't consider myself a short-term day trader - so take those thoughts for what they're worth - not much. :)

Another big black candle today on the XAO and 4500 looks like a goner, and the bears are well in control.

Cheers
Red