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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.

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