Black Monday? Bull Monday?

A view on Monday down under and over.

[by the way I totally understand if you don`t give a damn about our little mkt...if so, just ignore this post ]

Anyway in Australia we are a day ahead of the US so our Monday is over.

On Friday we had a fall of 1.34% with rises in some gold stocks then on Saturday we awoke to the drop of 4.64% in the Dow.

So all weekend the talk was what will happen to the market on Monday.? As you all know what happens in America affects the world so there were headlines of doom and gloom...you know the drill [of course traders often like those headlines because may mean opportunities]

Well after an initial fall of about 2.3% in the first 10mins the market began to recover with bargain hunters moving in so that we only closed down 0.77%.

By the way one of the reasons for the index fall was the 5.41% fall in Rupert`s News corp.

Further gold stocks generally rose but there was no massive move just yet to them as a safe haven.

Finally I should mention that alot of traders stayed on the sidelines waiting for direction from the US.

***********************

Hmm... seems that was around about way of saying we will also be watching the US on Monday ...... small world

Cheers
Z
 
G'day, mate.

Keep us abreast of the market down under.
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There ain't one. At least as far as my poll of 10 people where I work.
All of them are invested but none of them are interested. 4 of them admit to not even knowing what the market numbers are + or- 10%.
1 guy has 200 QQQ bought at 59 (remember back then) and doesn't care what the price is now. He will hold them until he needs the money for something.
The only one who is actively following the market is the one who is in 100% cash and is waiting to jump back in, he thinks it might be this week.
They are all more concerned about house prices keep going up and they cannot afford to move up.:(
 
It's good to know what's going on in other markets. Your Monday market had a day to digest all the "bad" news and didn't panic too much. Maybe we'll have the same reaction up here.
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From another thread
"Tokyo Stocks Score Turnaround by Midday July 21, 2002 10:40:00 PM ET "Bears later scrambled to cover shorts."
 
The bottoms of 1987, 1989, 1997, 1998 and 2001 were all accompanied with VIX readings over 50.0. It is around 46 now. If it gets above 50 and reverses I would buy SPY for a medium term trade.
 
This constant consolidation at the lows is absolutely devastating. For a number of reasons, it merely points to lower lows. It only draws in enough buyers to take the market back to resistance each time. Lower and lower resistance each time.

MSFT broke support on Friday. Today CSCO has broken support.

Need that final leg down.

I would agree on what I read the other day. Reminds me also of the Braveheart scene. "Hold...Hold...Hold!..." Patience will be rewarded.
 
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