Market Wrapup 20081203 Australia and Asia
Today there were pizzly gains in the banking sector giving false faith to the world probably fuelled by them all doing rate cuts to appease the people whom invested way outside of the means. This will only fend off the australian mortgage crisis that little bit longer. BHP ended up a whole 78c *gasp*! Now thats what I call a gain.
The rest of the top companies bled horribly…. sad to see RIO in the dumps but hey… this is where all of them will end up before you can honestly say this IS the bottom! I am still of the thought that its going to be June/July next year and then imagine it skipping along the bottom for at least 5-12 months.
The turn is coming soon and I am favoring NCM and MQG as I stated in an earlier post in paper trades. Lets see how they turn out! 
Scanning the world markets that are open tells me that they too are having modest gains in Hong Kong and Japan… Europe is yet to open and I suspect that this will only lead to more sideways and a little up and a little down action over there too.
This one step up and three steps back makes everyone uncertain. People are so desperate for this share raping to end that any rally is viewed as THE ONE! When its clear that this MEGA BEAR MARKET is just beginning!