Daily Murmur 24/11/10

by Gary Glover

Our bearish view of markets is starting to unfold.  North Korea and European woes are dragging the markets lower.  Make sure you watch Stockwatch today, so many major indices showed bearish false break patterns last week. 
Remember in a bull trend that all pullbacks should be uniform, ie they are around the same size in price and same size in time, so the SP500 had only had 20-30 point pullbacks along the way and 4 days was the longest in time.  The current pullback is 54 points and 8 days to current low which tells us that the trend has over balanced and therefore it has potentially tipped over.


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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