An hour or so left of trading and the index looking weak aprt from a few bright spots including NAB and CBA. Having called CBA long at the end of last week around $29. I like to think it has a lot more left in it as it really is one of the highest yielding stocks on the exchange at these prices and may benefit from a flight to safety.
However, CBA may be overwhelmed by general negative sentiment and care need to be take to keep a watchful eye.
On the short side of life RIO, which I called a short on Friday, is also delivering the goods but percentage wise is only down half as much as BHP which may have been a better short term bet. However, RIO was up a few centimes in London on Friday and it may be that which is holding back the fall. A fall in London tonight should drive it down further tomorrow.
acouch if you are reading this are you still bearish CBA?
I must say given the excellent post of croupier's this morning regarding the Elliott Wave scenario on the S&P I could be tempted to cover the CBA calls at an appropriate time and load up with shorts on some appropriate vehicle. What say you all??
