Today was one of those bleeeaaahhhhhh days. A day to go to the beach. But the weather here in Brisbane was hardly conducive to going to the beach. A bleeeeeaaaahhhhh day just like the market.
OK. A few facts.
The XAO today was down -9.7 points or -0.2%. Statistically insignificant.
Most sectors were also down a bit -0.1% to -0.4%. The exceptions were Utilities, -1.6% and Health -0.7%. Both Defensive sectors.
So the overbought sentiment is in the process of being worked off.
Another day of sideways-to-down should be in the offing - and then the market can decide what it wants to do - continue going up, or have a substantial correction.
That timing, of course, takes us through to the New Year. Traditionally that involves tax loss selling in America and downward pressure on the market.
So, the probabilities are for a lower market next week.
I'll do some more analysis after dinner - but I'm not expecting to come up with anything worth commenting on. So that's probably it for today.
Happy New Year to you and your family Redbacka. Thanks for sharing - your insights are much appreciated.
ReplyDeleteCheers
Raine