SPI Trading 28th July 2008 Recap

"Because it's still trading below the 5-day 50% level, then the bias is to move down on open....Therefore I want to be short-trading down.

This morning at 7.26AM the ANZ bank announced write downs of $1.2 billion.

After Friday and Nab write downs this may effect all the banks, which could end up dragging the market down.

This could factor in the market opening lower and completing the R44 range down @ 4951, therefore traders should adjust to the market based on the above levels if this happens....

Below 4962 and expectation price is moving down into the red channel @ 4904 and another 44 points"

Morning Reports

SPI Daily and 5-day pattern.

Banks dragged the market lower today.

SPI completed the R44 range below 4962 and continued down nearly hitting the 5-day lows.

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