Daily Review 23rd Nov

Yesterday, the ASX dropped again for a forth consecutive day, led by banks on subprime concerns in the U.S. The All Ordinaries closed down 0.04% while the ASX200 index fell 0.06%. The ASX300 index closed down 0.08%.

For reasons unknown, Thursday's "Weekly Top 10" leader, 17KeyserSoze, was removed from the list yesterday, making the new leader db69 with a 72.81% gain for the week so far. The two runners up were hvnguyen with a total gain of 71.92% and sl196 at 65.67%.

In the league table, again the top four traders all managed to maintain their positions. Dangerous_Dave strongly maintains the lead with a total of $289,564.52 all held in cash by market close. Coming second and third are show me the money and McJames. The top four players are the only traders to end the week with the minimum $250,000 required for weekly prize eligibility. To be eligible for the weekly prize, and a place in the finals, traders must start the week with a minimum of $250,000 (see official rules).

In other impressive results, rogerramjet75 had a colossal gain of 15.9% in the day's trading to reach rank 21. kypro turned over 15.4% to make 39th place and leidy barrantes earned 11.4% to reach 45th place.

In the rank jumpers, rexio soared past 327 traders to reach the 88th place. kypro jumped 321 places to 39th rank and Hi Ho Silver leaped 256 places to 71st.

Out of the top 500 traders, only 408 managed to stay in that list by the day's end. Of the newcomers to the list, jonnyaa jumped to rank 72, Mr Rich jumped to rank 82 and carole mcculloch made it to rank 90.

Traders showed confidence in a market turnaround yesterday, with more players taking weekend risk. Only 29 (5.8%) of the top 500 traders were completely in cash by market close, while another 76 (15.2%) players had less than $100,000 invested.

Also yesterday, the biggest group of traders sharing the same rank was reduced to 17. Each of these traders is now holding $200,000 and shares the 157th rank. That amount also happens to be the maximum amount reachable without making any trades in the competition so far.

ASX data can be obtained at the ASX website: www.asx.com.au
Contest results can be obtained at CNBC's Trading Matters Challenge website: www.tradingmatterschallenge.com.au
To contact the author of this article, please leave a comment or email Jeff Johnson at tradingmatterschallenge@gmail.com.