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.