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Online Share Trading

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banks ...nice volume..

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Nice volume coming through for the head and shoulders play out...
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14 REPLIES 14
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Super Contributor
is this indicative of a turn around ...or a dump
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Super Contributor
What banks are you watching, the ones I'm watching show tails - not head-and-shoulders. Still looks to me like a quick rally back to safety is on its way.
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Regular Contributor
Charty. Do you think there is enough (any?) support on the banking index (my weekly closing chart) at 21 180 or 22 005 which could see a return move to the neckline? The index seems to be at the bottom weekly Bol & Kelt. bands, but not near the support line from APR '07. I suppose we shall soon enough see, but what do you think?
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ja this is such a counter intuitive trade/against conventional wisdom trade... which is why people has problems with it...but short has been the right direction since I started talking about this.....I cant help thinking the market knows something about the banks which they are hiding....the assumption has just been that SA banks are rock solid...what has this been based on?...i mean do we know?
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Valued Contributor
not so much counter intuitive as mixing funamentals with technicals ?? trade the price/chart and forget all the theories ??
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yes I wasnt talking about myself...more just trying to articulate why I think people are grappling with this issue...
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Valued Contributor
because it takes all types .. if everybody was on the same page, there would be no market, just a price that would remain static until new information came out ..
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Super Contributor
Chartist? You talking about the HnS that forms from around 2005? Good grief! if that is a HnS (and it sure looks like it) then the banks are buried!
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is that why I often lose money? wish u could have told me that a long time ago...
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The real fun and games started with US banks as soon as mortgages went into negative equity. It's only now starting to happen here in SA after one of the biggest property booms in history. No, SA banks did not go as far overboard as US banks in their lending, but all those pre-credit-act & 120% bonds will now start to come home to roost.
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Super Contributor
So who has the goonies to go short on the Banks (with the advent of a possible bounce and surprise rate cut)?
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Well if you're not on the Satrix Fini express down to the basement already, I'd wait for a relief rally to up 520 where I see resistance. OMO
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Super Contributor
What product you use - SXFQ does not allow short positions?
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Global Trader CFDs. But they have other indexes/stocks that can't be shorted (like KIO - damn!)
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