The All Ordinaries daily trend is now DOWN. Today was a sharp down session on high volume, reinforcing our fears of the last week. What this means is that long trades should be avoided, existing stops on long positions should be tightened (which has been done tonight) and short positions sought. I will be rummaging through the charts in the coming days looking for opportunities. Trend changes are always uncomfortable affairs, especially if the new trend get off to a weak start. Chop and change tend to be the order of the day. The last few days have seen numerous positions closed. I think personally I am now down to a handful of open trades in the short term portfolio and the way its going I’ll be 100% cash sooner rather than later.
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Wed, Oct 28, 2009
ASX Commentary