Carnage

Holy fracking cow. The markets really taking a pounding today.

The Index is practically down 5%. Thats about 15% from the high set about three weeks ago. August is going to be remembered as the black month.

I've include this chart of the Sti with the 3 moving averages. If the red line is below the other two lines in a straight vertical ascent - that's good. You can buy in because the market is positive.

The mirror opposite means differently - if the red line is above the two other lines - stay away.

The trend if your friend.

It reallys hard to say for certain whats going to happen next. The selling pressure is very strong. And panic has set in.