Time to test the low.
The re-test of the recent lows are no in play, we have seen the market pull back over the last couple of days back to 4100.
I suspect that it will now look to re-test the low of 3775. What we are chasing is a higher low. We expect that the market will pull up around the 3800 level which will be the start of the recovery to 4500.
Do not rejoice just yet, if history is our guide and it usually is this will be a slow recover as such we would not expect this to happen for a couple of months.
Once again we are in buying territory, we will be watching the market closely in the coming weeks looking for a good time to spend any spare cash and buy the blue chips at a considerable discount.
Remember you make your money by buying at the right time.
For more information please call me on (07) 4771 4577.