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The Market, is it the Yank's fault?

  1. bombadier

    2,271 Posts.

    Is our market really as resilient to movements overseas as we love to think?

    Sure, NCP, RIO and the banks automatically bring the index down, but is that the end of the story? The DOW still has 560 points to fall to reach the lows of a fortnight ago. Last night on sycom our SPI broke the low by over 20 points.

    I believe sentiment here is no better than over there, despite Johnny and Peter telling us to "hang in there, don't sell, the economy is in good shape"!

    I saw a few weeks back where the DOW rose for 3 days running while our SPI lost ground, so the underlying factor is more that the DOW or the Nasdaq.

    Where to now?
    I can't see Sep11 lows not being challenged in the next day or two. When does it get to the point where confidence gets so low that Mr Average just says "enough pain, I'm out of here".

    Hopefully not yet, but every time resistance on the down side gets taken out that becomes an ever increasing risk.

    I reloaded the second barrel as sycom crossed 2975 last night, with fairly close stops. It's not how I like to see the market, but I'm damned if I'm not gonna try to make the best of it.

    We are now sitting on the March01 low, failure to hold this will see further falls after open today. Below that, Sep24.

    Comments from futures boys appreciated.


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