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We have just had a very short sharp correction. PDN shaved a little under 25% from its all time high. The very sharp ascending channel is history and support exists at around $8.00.Technically the stock is now very disorganized and still fraught with risk. ERA has sold off by about 10% from its peak and may be looking for a base around $21-22 but looks in much better shape technically.

AGS has a very ominous distribution pattern that looks very much like a head and shoulders but may turn out to be a sideways pattern. MTN has clearly busted out of its uptrend, CMR has also gapped lower but still looks in reasonable shape.

UNX seems to be holding up very well. The U's may get off lightly and trade sideways for the forseeable future and it will become very much a stockpickers market.

The crucial factor will be how well work markets hold up. Nekkei 225 has fallen to support around 16800 and IF it bounces from here and Wall Street holds together tomorrow we might see a stabilization.

<blockquote data-quote="sydneysider" data-source="post: 130291" data-attributes="member: 5023">We have just had a very short sharp correction. PDN shaved a little under 25% from its all time high. The very sharp ascending channel is history and support exists at around $8.00.Technically the stock is now very disorganized and still fraught with risk. ERA has sold off by about 10% from its peak and may be looking for a base around $21-22 but looks in much better shape technically. AGS has a very ominous distribution pattern that looks very much like a head and shoulders but may turn out to be a sideways pattern. MTN has clearly busted out of its uptrend, CMR has also gapped lower but still looks in reasonable shape. UNX seems to be holding up very well. The U&#039;s may get off lightly and trade sideways for the forseeable future and it will become very much a stockpickers market. The crucial factor will be how well work markets hold up. Nekkei 225 has fallen to support around 16800 and IF it bounces from here and Wall Street holds together tomorrow we might see a stabilization.</blockquote>

[QUOTE="sydneysider, post: 130291, member: 5023"] We have just had a very short sharp correction. PDN shaved a little under 25% from its all time high. The very sharp ascending channel is history and support exists at around $8.00.Technically the stock is now very disorganized and still fraught with risk. ERA has sold off by about 10% from its peak and may be looking for a base around $21-22 but looks in much better shape technically. AGS has a very ominous distribution pattern that looks very much like a head and shoulders but may turn out to be a sideways pattern. MTN has clearly busted out of its uptrend, CMR has also gapped lower but still looks in reasonable shape. UNX seems to be holding up very well. The U's may get off lightly and trade sideways for the forseeable future and it will become very much a stockpickers market. The crucial factor will be how well work markets hold up. Nekkei 225 has fallen to support around 16800 and IF it bounces from here and Wall Street holds together tomorrow we might see a stabilization. [/QUOTE]

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