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In Issue #4 28 April I spoke about the likelihood of retracement of the Australian stock market and since then the market has been in steady decline.
BHP is very much a favourite of mine – I had 10 wonderful years with the company, mainly in international trading.
This last week has been another one of retreat – a very orderly retracement however – what better would you want? The overall daily trend is still up but I must say some momentum has been lost and I would marginally modify my view about how far this rally might take us – at least in the medium term.
$5.50 is the institutional price offer and so those institutions that take up the script in the current fund raising will be keen to support that price.
This week we have a new contributor – Wayne North. Wayne is based in Melbourne and is an Options Trader on both the Australian and USA markets.