wednesday trading

Let make a fresh start as I feel like posting today.

Yesterday S&P test the double tops at 953.75 and then make the new high last night at 956 last night and then comes off to around 940 and then back up to test the dt high again and now sitting about 5 points below it. So as far as I am concern we're unlikely to see S&P test of new high tonight.

Our market is weak today because of NAB fund raising announcement and spi hits low of 4007 when NAB says they're not building their war chest but merely trying to cash up for acquisition and spi rally to current level 4035.

The question is will our market make new high from here on takeover rumour and push to new high? I read BHP production report this morning with bearish view on base metals prices.

Let see what NAB fund raising share price will be and no doubt other banks will suffer as the big boys sell out to take the share placements.

The US reporting season have been above forecast and lower earning expectation and majority of companies beating forecast from sacking staffs and cost cutting. How many staffs can they continue to sack until revenue is improving? All hot air at the moment and happy to hold short today.

Good luck.

How that for foods for thought?