Wednesday, July 7, 2010

Time to get Long for a few days?

Time for a few up sessions?

This morning the ASX couldn't follow a green session of sp500 last night. The selling pressure remains.

However, I do believe we are in for a short term bounce to 4400 before the next leg down, as many indicators are signaling a rebound.
Intermarket themes are giving mixed signals, with euro up, AUD up, and oil/gold down - the currencies do however tend to lead the other signals, so the upside bias remains.

buy ideas
HVN - clive peeters; value acquisitions will look good if the retail sector recovers.
IAG - looks to be bottoming from technicals.
resources - if the general market decides to recover for a few sessions, the miners will have the most leverage to the upswing.