tuesday trading, page-2

Well, that was a nasty speed angle ...
imo looks like we may now have entered a consolidation pattern. So much capitulation and panic yesterday that looked like a temporary low to me. We may stay in this range for a while but when it breaks, around 5450 would be the target using Daryl Guppy type projections. Ironically that's been my target level for a long time now. A break downwards is possible I suppose but to be honest I can't see it fundamentally unless some catastrophe occurs, especially as you can see the US playing it's hand once again yesterday with larger deficits and gigantic money printing.

Mongombolo highlighted yesterday the carry trade correction. You have to understand it from a foreign investors point of view as they take a double hit from the market and the currency. Although they want to be invested here for our good fundamentals and to escape their poor fundamentals it's easy to understand their fear of a correction given what happened to the AUD and commodities in 2008. However once they're convinced the correction is over they will likely come back with a vengance. imo.