relief rally, page-4

Well this is the truth. My god - Friday we were buying into blue chips (most of us hadn't bought blue chips in a while) because we saw salvation in the what we thought were the best of our Australian companies. The prices on offer were cheaper than what we paid in 1999! Yet, despite my own repeated attempts to make money on NAB, BHP and ANZ, I lost on each attempted trade (BTW, all closed lower than my stop loss). Only MQG made me a profit (in at $26.60).

The point is that I too am expecting a rebound tomorrow (not 100% convinced, but fairly certain that once we hit that mgical limit, we can only go up!). The banking sector will be the first indication IMO. Watch the key blue chips for direction tomorrow for quick bounces (QBE, CSL, NAB,CBA, MQG - you know the top ten). Even if we see a short fall, I think it will be met with a quick bounce.

Anyhow - tomorrow is another day, the sun will rise and we will all be typing away our thoughts at this historical period.

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