Bank index has a triple top formation, possibly even a quadruple top, if you take the late Jan pullback. Also check out FirstRand, with its quadruple top formation. Could be an ascending triangle, but volumes have remained pretty consistent. Personally, I shorted firstrand yesterday with a stop at 4020. I am not a momentum trader, but if you were, you would be looking to go long if the bank index gets above 30000.
This was at the root of yesterday's pull back: "The credit environment remains challenging with the group's impairment charge increasing by 108,2% from R881 million for the period to March 2008 to R1 834 million in the current period. This is an increase of 6,9% compared to the R1715 million charge for the quarter ended December 2008, reflecting a slowing of the rate of deterioration in impairments. The credit loss ratio increased from 1,56% for the quarter ended December 2008 to 1,67% for the period (Q1 2008: 0,91%). Although interest rates are currently expected to fall another 200 basis points this year, there is a lag period before the benefits from this are reflected in improved debt servicing and thereafter in reduced impairment trends. Credit loss ratios across the divisions have increased from 2008 year end levels however, the Nedbank Corporate book still reflects low impairment levels"
O K, great, but the real paradise is in the eastern regions. By the way, now that you refer to Bloem as a village, I once met a guy who did not know that there is a Varsity down there. And by another way, where are you from and what ere you doing in the Vodka drinking country. (Old Louis Luyt and his look alike sonny boy is brewing up his Luyt Lager again in Ballito Bay nowadays, calls for some serious consideration.)
Yeah youre right Bloem has mmmmm....mmmmmm cold winters??? We had -32.5 on Xmas day. End of spring and its 2 night 15 night oC. Damn I miss Durbs and yeah Bloem has got the Cheetahs!!!!! are they still last??