redbacka's - blue funk thursday, page-54

Have just run long term resistance lines on all of the major indicies from back in 2009. A very useful exercise will take about 15 mins.

Very instructive - apart from Telecoms & Health the markets look sick. Metals & Mining & Gold have already broken key horizontal resistance, the XMJ broke major resistance two days ago as did the XAO.

I agree with Redbacka on a comment he made the other day (or was it today)that if BHP and RIO and the other large miners go they could drag the whole market down with them (even the health stocks).

Personally and each to their own, but with a market like this I would be very careful holding any resource stocks while we are under that support line - And with all of the other indicies looking to be topping or rounding out (rolling over) I would issue a serious warning to have a good look at the charts of the indicies yourself and make your own mind up very quickly - not trying to scare but it is worth being very careful right at this time IMHO.

This is not a Martis type scare - we are really at a breaking point now (just watch what the charts are doing is all I am saying).

Be careful out there.