I am starting to become a fade on the market - whenever I call a top, next day Im forced to go in boots and all. Thank heavens I went back into CBA and CDU on Wed, and LEI yesterday.
Im now up the same in the last six weeks as I was Nov-June. But no bouquets, looking at it, the index has moved up virtually the same amount since July 1 as Nov-June, and I could have made almost the same money buying an index fund, or 120 SPI contracts, over the same period. Anyway - I guess not too many fund managers beat the index so thats OK.
There are two lines of thought from here. One is that XJO will go all the way to 5000 which is a 50% retracement. The other is that it wont get past 4527.40 - which is both a 38.2% retracement and a resistance level. Given the time of year I will go for the latter - the hourly chart is starting to look a bit wobbly..
