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market direction

Discussion in 'Shares' started by Nigel Ward, 28th Mar, 2006.

  1. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    According to professional trader Dale Gillham's 28 March market report (available as a link in his newsletter)

    http://www.wealthwithin.com.au/pages/?pageid=./All%20Ords%20Report/All%20Ords%20Report%2028%20Mar%2006.htm?e=
    At the risk of being predictive ;) ...any thoughts on this?

    Cheers
    N.
     
  2. MichaelWhyte

    MichaelWhyte Well-Known Member

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    Posts:
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    Location:
    Sydney, NSW
    Nigel,

    I agree. I wasn't nearly as precise, but was thinking the same way, when I posted this very crude analysis:

    http://www.invested.com.au/forums/showpost.php?p=5407&postcount=21

    I just hope I can get my Navra distribution in hand and then diversify out of the ASX before it pulls back. Might be worth a couple of percent to me and that's some decent dollars I'd rather have than not.

    Cheers,
    Michael.
     
  3. Tropo

    Tropo Well-Known Member

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    NSW
    Nigel,

    I agree with him that it's just about time that market should/may pull back.
    I am not sure if I agree with him about 21 weeks pull backs :rolleyes:
    Basically - if you consider weekly chart you'll see that XJO is trading in the channel from 2003 (more/less) between well defined support&resistance line.
    Last three times when XJO hit resistance on the weekly chart and moved back (March&Sep 05; Feb06) market dropped on average 280/300 points. We may hit 4780 or 4680 again. Time will tell.

    "While I shared this view with many traders and investors at the Sydney Investment Expo last weekend, I also mentioned that regardless of the market direction, there will always be solid blue chip stocks to invest in".

    IMHO WHEN THE MARKET TURNS BAD, MOST STOCKS DECLINE, EVEN GOOD SOLID COMPANIES. We have heard many "experts" tell us to stick with good companies. It is rare to see even the shares of good companies stay stable when the rest of the market is declining.
    Just because a company is a good company does not mean that money can be made by buying or holding on to shares in that company.
    :cool:
     
  4. Glebe

    Glebe Well-Known Member

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    I think it's somewhat flawed if he's using March 2003 as a guide to future drops in the market. March 20, 2003 when the war in Iraq started.
     
  5. kevinb

    kevinb Well-Known Member

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    MENAI
    How much of the Aussie market is being propped up by the 9% Super deductions?