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Online Share Trading

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Banks

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Not applicable
The banks seem to be at 52 weeks highs,wouldnt it be risky to buy at these levels??If you go long and there is a pullback you could feel pain..
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34 REPLIES 34
Not applicable
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divz
Super Contributor
Personally i think the banks will come back but need to wait for confirmation. Dow futures/Ftse again in positive mood today also some expected results in US this week could prop the banks at these levels if the news is positive but doubt whether they will go up much more than they already have.
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divz
Super Contributor
Nice article. ya the last 2 week rally just too much too quickly, imo. We may have bottomed out but thats not to say everythings ok again this will take a bit more time. SBK for instance almost back at pre crisis levels when averaging 10250 ish then went down to 6000 ish now touched on 9700 thats crazy i tell ya.
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barry_1
Super Contributor
As far as i can see the ALL TIME HIGH was on 31 July 2007 when ASA stood at R137.So it has still some way to go to make up lost ground!....See also what i said about ASA in the previous ASA share discussion....Shorts are not working terribly well at the moment as the trend is obviously up!
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barry_1
Super Contributor
SBK all time high seems to be Oct 30 2007 at R116.60
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divz
Super Contributor
Ya Barry SBK did hit around 11600 but that was very brief after news of the chinese deal. after that it came back to between 102 and 107 i know the trend is up but i feel the rally was a bit overdone and the share should come back a little maybe to 92 before resuming the uptrend.probably trade in the 92 to 97 channel for a while now my opinion anyway.
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Ninja
Super Contributor
Absa is sitting on key resistance today of 119.00. If it can close above 119 all short positions need to be executed ASAP. It will however continue to be in an extreme OB situation which means until it reverses down it is untradeable. It may not fall back, it may just consolidate at the higher price and thus slowly move out of the OB situation. Either way this bear rally is running out of steam and sometime in the next 2 weeks or so we will see a correction which will be the best chance to short Absa, SB and Nedbank. Whilst world markets continue to move slowly upwards we will see the painfull slow upward creep of the jse( no real conviction). Once the Dow runs out of steam.....not long now.....watch it all come crashing back.....if you are long keep tight stops, don't be caught long when the bear reminds the bull who's party this is.
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Not applicable
nicely said ninja, I agree 100%. Bit scary at the moment but the close stops should keep you safe to a certain degree
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Not applicable
I must say I would have to follow SPB advise here. Trade the trend. Banks back in uncharted teritory so you are gambling with speculation either way. I will hold my cash until a true pattern develops tnx
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barry_1
Super Contributor
For CPS on another tack,i decided to close the Q short,made a small loss.i think the reason TKG is holding up is the vast amount of cash they have on hand.Time decay will become a factor.
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Not applicable
ABSA resistance at R120, see closes 26/02/08 and 27/11/06, this is a major breakout, but i doubt seeing it going there without a pull back, this share hasnt had a down day in 11 days, OB and RSI at top for long period. a pull back to R110 should be seen.. im shortin this one
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Not applicable
Barry, have to agree with you;-( Pitty was a nice punt though and would have been really nice if it did what was expected, ahh well next time...
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Not applicable
I see that theres no conviction left in this rally..I predict a pullback in the next few days.If only we can have some "profit taking" on the DOW.We could see panic from the investors who bought into this sucker rally and the banks could come down fast.I hope that however is long keeps a tight stop.My opinion.
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Not applicable
The Dow has rallied from 8146 on monday a week ago,to 8848 close yesterday,thats almost a 10% move in a week..is it all sustainable??
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SimonPB
Valued Contributor
an so that tells us the price is rising and the easy money is to be on that rise ?? surely ??
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Not applicable
Is this rally sustainable,are we gona continue moving at the merry pace of the last week and we could see DOW @ 10000 by early next week or is it more probable that we see a pullback in the near term??IMO you have2 really trust the market to go long at these levels..But simon you know best..
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SimonPB
Valued Contributor
no, I know nothing .. that's the point ..

people on this forum been calling this market down for a week now .. sooner or later they will be right, but in the mean time can they manage the margin calls ?? and why weren't they just making the easy money ??
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SimonPB
Valued Contributor
and considering that the dow has rallied some 30% since the lows of March .. surely one could say .. you have2 really trust to go short ..
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jamoo
Frequent Contributor
hey newbee, trade the trend, its your friend! the trend is upward, short position at this time may be very painful financially. wait for some pull back and jump on the wagon. enjoy the ride to the top!
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