yeah, I agree. XJO today will probably bob around as it has in...

yeah, I agree. XJO today will probably bob around as it has in the morning until there is some lead in os markets. The selloff in os markets last night was anticipated by xjo yesterday, so further falls in xjo are not required today (in our globally syschronised market). The spi last night wasn't under much selling pressure at all. Theres ample support at 5080 on xjo, which is good enough but mostly defensive because there's little follow through buying. Consistent with wait'n'see attitude, and also with consolidation under resistance.

That Prechter article someone posted yesterday was a good un. The bears can take some comfort from the potential beginnings of the stagflation scenario he predicts, but even if he is right, my guess is that we won't see too many pressure selling days - it will be painfully slow. Stagflation becomes obvious slowly, and this generation of bulls have never seen it before so they will keeep buying for quite some time if it rears its ugly head.
cheers!