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.


Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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