jd,Just on your comment about uncertainty tonight and options...

jd,

Just on your comment about uncertainty tonight and options expiry.

Must admit I'm quite uncertain about tonight. I didn't expect a break of SPX 850 last night, especially after we began breaking down from our uptrend channel yesterday pm.

Although I've been thinking maximum XAO 3425/XJO 3500 for end of month, the thing is I think the low will be retested - a little like today's chart moves. Now if we do retest the low it means that it can finish the month above 3500 so that means I'm not so certain about the direction in the next few days.

I've got too many conflicting signals at the moment to be confident about whether we pullback from here or run further in the short term. eg. BHP maybe is beginning to pullback, however it conceivably could run to $32 still before pullback.