Is this the beginning of a bear market? Or just a correction? Aussie Shares fall 2.43% in the biggest fall since 9/11: The All Ordinaries (XAO) fell sharply today shedding 119.6 points (2.43 per cent) taking the All Ords to 4807.2. I had an update entry on the weekend analysing the recent movements of the All Ordinaries. I stated a support level of 4750 which was set earlier this year. Any break of that level would probably lead to further volatility that would test either bullish or bearish case before resuming any uptrend or starting a bearish downtrend.

As far as I know the brokers are still backing BHPand is still my favourite stock to trade. Anyone who went into the Queen's Birthday long weekend short selling this stock - congratulations. BHP Billiton lost 5.5 per cent or $1.48 closing at $25.25. While Rio Tinto lost $2.87 to close at $70.90. Check your charts!