We Remain Short

Readers of The Technical Report (free copy here) have been Short BSL, ILU and WBC. We have avoided getting into several big wealth killers on the ASX, like LYC because of our use and understanding of sentiment indicators which alerted us to the impending fall in LYC right back when it was flirting with the $2 level.

We are looking for BHP to re-test $34, CBA to test $40 and we are watching to see if support holds for MYR, QAN, HVN, FMG and many other stocks. Beware if you hold FMG. Support is at $5.60 and it has been breached in intra-day trading today.

Overseas, the CAC40 is still likely to fall all the way back to 2500, the FTSE is likely to fall down to 4150 and the DOW will probably test 9800 followed by 9000, if and when Greece defaults and the contagion of bank losses crosses the Atlantic.

If you'd like to stay out of bad trades and start getting into some good ones, join us at The Technical Report today.

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For weeks now members of The Technical Report have been watching European and domestic markets make their way lower. The DAX reached its target and is set to go even lower. The FTSE and the CAC are on their way lower, the XJO and the DOW are also in sell off mode.

Download the latest Technical Report here FOR FREE! See what I have been telling subscribers.

The DOW - support is at 9800. The CAC - support is at 2500. The FTSE - support is at 4150.

Many major Australian stocks are making bearish patterns, testing support levels, showing signs of underlying weakness and offering Shorting opportunities. Don't be Long in this market. Don't think yourself smarter than the rest of the market and act like a contrarian. That kind of arrogance always gets punished.

In time we will show subscribers where and when to buy again.