This rally was started by fed intervention -- that was the catalyst. Then we had the momentum traders and the fund managers join in the buying. On top of this, we had a who bunch of ametuer and professional shorters (hedge funds) scramble to cover their loss making positions as the rally marched higher and higher, beyond their expectations.
The key in determining whether this rally has any life left is in looking at the prevailing sentiment. The sentiment indicators paint a picture of extreme bullishness among market participants. It screams of an extreme that must correct in the very near future -- my guess is that it will correct within the next couple of weeks, if not sooner.
Just my thoughts...
Cheers,
nickoo
### very near a top ### imho :), page-12
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Last
$4.83 |
Change
-0.030(0.62%) |
Mkt cap ! $3.243B | |||
| Open | High | Low | Value | Volume |
| $4.86 | $4.86 | $4.82 | $1.923M | 397.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 803 | $4.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.83 | 1262 | 1 |
View Market Depth
| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| DOW (ASX) Chart |