Morning Report Tuesday 16 December 2014
Firstly, our thoughts and prayers go to the innocent victims, their families and friends of the recent horrific attack at Martin Place.
Due to the recent events which occurred less than one minutes’ walk from our office, below is a simple short synopsis of where we see the market at present and unfortunately, it’s not pretty.
1. The ASX200 remains very vulnerable to further significant falls; I am not a buyer of stocks – see chart 1.2. The extremely positive Christmas seasonal factors have stopped me taking trading shorts, but my patience is falling fast. The market keeps attempting to rally intraday and then fails overnight – see chart 2.3. BHP remains extremely bearish and will again test $27.50 today, my ultimate target remains sub $20 – chart 3.4. Both the US Indices and European Indices have broken down technically and are targeting further 10% declines – charts 4 & 5.
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