Where will this lead to?

in this instance, i could certainly not recommend investing in the building industry, though WOS could easily (even likely?) have a very sharp bounce and present a good trading opportunity

but all now falling away and have gone short this afternoon.
possible support at 280

a little early to tell, but the 280 support looks to have given way ..... certainly been a good short call and added to that position earlier today

I think Elder likes to see support / resistant levels like a barbed wire fence... they are elastic and can bend beyond the anticipated point and spring back up. Will be interesting to see where wos goes

an elastic barbed wire fence .... now there's something novel!

Possibly an oxy-moron or may be myself being the latter

having looked again at the chart, a break with any impetus through 270 would be very ominous as that is the low point looking back for the last 5 years

LONDON, Nov 18 (Reuters) - Wolseley plc Chief Executive Chip Hornsby and Chief Financial Officer Stephen P Webster told reporters on a conference call:

* Seen rapid deterioration in UK market

* Will also pursue actions to reduce debt

* Sees US commercial market continuing to decline into 09

* Combination of exchange rates and earnings fall could threaten

covenants

* Is cutting UK stores, headcount by 14/15 percent

* CFO says lost 18 percent of headcount overall

* CFO says total heacount cuts are 15,000 since August 1 2007

a good call backed with money for a change

was contemplating banking my profit but on the basis of ....... "CEO also predicted the company's US commercial business, currently a key revenue driver, would see further declines in 2009", i see no hurry

though i should perhaps have taken my profit this morning, i have read again the stuff to be found on NewsWatch and in all honesty, see this little bear squeeze or short position closing as another opportunity to short

took my own advice and sold another little batch at 291.25 .... overall avr = 300.64 ..... i still think there is plenty more downside even though sp now 279 mid

cynic i shorted last week at 317.
down thirty something yesterday up 20 something today, im happy. just dont let me know what todays low was, might spoil it for me.
todays low didnt happen.my plan is planned. hope it works but gotta be nimble in these markets so i'll now change it and play defence, yet again, and settle for a draw. so it did happen? thats my traders hat, as opposed to my investors which is why i much prefer the latter.
if i cant win then try not to lose. i'm still in there however.
fingers crossed
if i had shorted earlier/higher i would be braver.
regards
jkd
ps i'm also short bss. same/ similar scenario

shan't upset you then - lol!

more jolly news .......

Plumbing and building materials group Wolseley has refused to rule out the possibility that a rights issue will be required next year

I feel sorry for you guys who bought at 14 quid!
can only get better from here!?

not so ..... WOS has already predicted further downturn in 2009 and now a rights issue is clearly on the cards ..... further, if the 280 (chart) support is now truly broken, then there is no support at all as far as i can see

Make sure the connection parameters are set properly.Resistant level like a barbed wire fence... they are elastic and can bend beyond the anticipated point and spring back up. GREAT

have just locked in a useful profit just in case there is a sharp bounce ...... if there is, then i shall be looking to short again on monday

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