Wednesday

Neckline Broken : Downtrend Confirmed

Post a Comment July 8, 2009 – 6:13 pm |   | Permalink |  Print This Post |

That’s the word out there - there are major celebrations evident on the technical blogosphere as S&P500 breaks the 875 mark. 7700 here we come. Well, we will be staying out of this trade. We rather greet the crowd at 7700 and join what’s left of the upside. We are licking our lips as Agriculture, Natural Gas fall further whilst the USD and Treasury Bonds strengthen. This is Mr Market giving all a second chance because they are double dipping. Gas is trading at 3.36, Agriculture ETC 5.70, AUD:USD 0.77 and the D0w at 8120. We bought 5000 shares of Cooper Energy(COE.AX on Yahoo) at 39c. If Cooper continues lower to its cash backing at 32c, we doubt it will be long before someone tries to take it over. It would make sense for Beach Petroleum, its partner in most of its producing fields (and recent drilling success) to make a move on Cooper. Judging by the company announcements, Beach Petroleum is making a bigger deal of its drilling success compared to its little cousin Cooper.