1. Most Discussed
  2. Gainers & Losers

Bears progress

  1. redabyss

    1,383 Posts.

    An odd sort of day as for most of it, the stocks I watched seemed to be a lot further down than XAO-30; but later on more selling kicked in to progress the bear a bit further.

    The problem has been for such an inexorable decline, finding safe spots to jump on and I remain only about 15% short. The banks have been particularly difficult, and now they are all at or near major support and set for a turn. If they should break further down for any reason - that is the end of the bank bull (but somehow I think they will be more resilient). I got sick of watching them go down and tried a little day trade on CBA, proving once again that my system is not set up for them and losing about $1200 in 10 minutes.

    We had a classic "sell the news" experience with ASC, though the market might be nervous about their acquisitions policy. If the bear continues we will have many more such heartbreaking episodes, just as we did in teh mineral bear of 1998-2000.

    BHP is my main short, and I continue to be more bearish than others, mostly because my Elliot Wave Analyser gave it a major fast sell at the recent spike. So today when everyone elsse was dumping their puts I was trying to pyramid. This is a bit risky at an area where 9.09, 9.20 and 9.22 are resistances, so we will have to see if the grand ultimate 8.40 target is going to happen. The RIO results today can only contribute to further bearishness. Anyway, puts up 90% at close.

    A good week overall with about $18k profit, mostly still in running positions.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.