IOZ back on a longer term support line and close to the bottom of the channel. People seem to be pretty bearish out there on the overall economy and financial markets. With Jim Chalmers selling armageddon I have a feeling we might be close to a bottom.
I don't know about a bottom. I'm in two minds here. Maybe we'll see a base in the short term, yes, but looking out a little longer it becomes doubtful.
Governments around the world are doing funny things, I don't think we've seen the end of inflation, and earnings ratios (without being able to quote them) are still at relatively high levels. All reasons why we could see a lower equity markets over the next year or so. A reasonable upcoming earnings season will help, and might reinforce that base we're looking for, for longer term investors anyway.
My systems are still short equity futures, although not convincingly, and equity holdings are now under 40% of that particular account value. If the market rises, fair enough, but I won't be too out of pocket if it goes either way at the moment.