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I'm pleased to be waiting for new FY for our trade book. Patience is a good thing when dealing with the markets. There will be a time to act. So, enjoy the show. This happens every time market outlook becomes uncertain. I'm excited. I love this sort of market. People that stick to their plans can do very well. This "panic" can provide us a good start to the year.

I want to point out a classic divergence that I love to see and take advantage of. The divergence between the market index (XAO, XJO) and the banks. The indices are making new lows, but the banks are not. The banks are not even half way to their recent low. This sort of price action sets up the first HL in the banks and many other charts. I'm looking for charts that show the weekly trend is still up, this pullback is corrective and price is back at a prior BO level that coincides with the 50% retracement.

If the market continues to fall and the banks do make new lows then I don't lose anything and just wait for that first HL.

The value investors should be loving this panic as well. Good companies going much cheaper if the investors have managed their cash well.

Trading update: I'll sell both ISD and FLN this pm unless they close above their TSs. Apologies we should have sold ISD on today's open after those 4/5 down days that ended 0.02 above our exit trigger. This is a trading mistake and costs us money.