Australian Tour

I am currently in Australia touring its various cities.

On Tuesday I was in Brisbane; yesterday I was in Melbourne (still am); and later today I’ll be in Sydney. Later today at 4:00 PM (Sydney time) I’ll be interviewed on CNBC ‘s “Trading Matters with Oriel Morrisson” and on Friday and Saturday, I’ll be at the Sydney Trading Expo

As a result I am a little out of touch with my charts. I usually remotely access my charting and some hotels automatically block me from doing this. One point that struck me on this tour is how many traders in Oz are looking for a bottom in the S&P given price action of the past few days.

The contrarian in me instinctively thinks: “Ah! We’ll get at least a retest of the current bottom to date.” I am looking for end October to produce a tradeable high. Let’s see if that comes about.  

3 thoughts on “Australian Tour”

  1. Hi Ray, Hope your having a great time in Oz. Re,the bottom,i still dont think we have fully factored in the impact from China. Im seeing on bulletins ,factories closing and thousands of workers layed off.They say their growth has slowed to a single figure of 9%. Whilst i try not to pre judge the market ,i just have a feeling that maybe there’s more to hit the fan.What do you think? cheers Baz

  2. Sharing this:

    One Response to “Limit down triggers”
    If we day trade, we should not have been caught holding longs overnight.

    Two Strategies to look at:
    1.If you have the temperament and the capital to risk, you can short at the open and hang on. Stops can be at the session highs. This is like swimming in shark infested waters,a very risky trade.

    2.Best to stand aside and watch as things develop. We will see more and more sellers trying to get out.

    Capital preservation should be our main objective. There will be opportunities coming our way soon………if we wait for the market to come to us!

    By idkit on Oct 26, 2008

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