Daily Murmur 12/11/10

by Gary Glover

Bluescope made a bullish engulfing pattern yesterday after a market update.   The last time we had the same set up with a spike in large volume marked an exhaustive low. 

The update was not overly positive but the market had obviously moved lower towards this news and this is a matter of buy the rumour , sell the fact but obviously in reverse as the rumour was obviously negative. 
Market conditions are against the steel producers so this could be bottom of the short term cycle potentially as all the bad news is potentially out and conditions could improve particulary if commodity prices and the Australian dollar correct soon.


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