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Bears progress

  1. redabyss

    1,383 Posts.

    Market took a pasting today. According to one line of thought, due to OS instos pulling for margin calls. Gold has finally paid off the persistance of the short commercials and is heading for a drubbing.

    Looking at the charts this evening, the general picture is that banks are half way down a decline, while resources are in the early stages and still shortable. AMP is right against a significant support and is the only potential long, if you dont count ERG.

    Personally, taking it easy. Up about $12k on the week on reasonably safe put plays, with a bullet.

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