Upfront Investor Share Market Report 4/6/10 Share Market Scams

Over the years I have continually warned people about share market scammers, and it now seems they are back to conning people out of their hard earn money. This week I have received two emails from people who have been contacted recently by telemarketers promoting quick riches from the share market. The callers suggested that anyone could use their system, which has secret or privileged information in it. They further stated you would require no knowledge and very little time to achieve 86 percent winning trades and huge profits. Immediately, this sort of claim should ring alarm bells.

Here’s the con, they also offered a ‘today only’ deal, where the individuals could pay half of the $9,000 fee now and pay the other half after they make $20,000 in profits. The reality is they know many people will give them $4,500 and they will never receive the other portion. There are only two words I can say about these unscrupulous marketeers and neither can be put in print. My advice to anyone receiving calls similar to this is to hang up and ring ASIC or visit their website www.asic.gov.au to report them. Above all do your research before handing over any money.

So what do we expect in the market?

The market fell away earlier this week to test support around the 4300 point level I talked about over the past month. The good news is that this level is holding and more importantly, the strong move up by our market on Thursday increased my confidence that the low of 4194.40 points on Friday 21 May was our yearly low.

If this is the case, then as suggested last week, I believe the All Ordinaries Index will be bullish over the next 6 to 8 weeks and rise up to my target level of around 5200 points around late July. Given this, we could reasonably expect our next low to occur sometime in August or September. Good opportunities could come from the larger stocks in the energy, media and materials sectors. A word of caution though, while I believe the market is likely to be bullish there is a high probability it will be volatile, with large swings in price both up and down.

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