After another choppy session today, the All Ordinaries finished up +0.3%.
No surprises were seen in the market details. The Advance/Decline Ratio was up modestly at 1.26. The Small Ordinaries did a little better than the Fifty Leaders, which is bullish. The worst performing Industry Sectors were the Defensives (Consumer Staples, Health, Telecommunications, Utilities) which were all marginally negative.
Gold Miners, however, finished on a negative note (down -0.3%) even though Gold has been setting new records. The Gold Miners often lead Gold, so Gold could be in for a consolidation or retracement after a stellar rise up to US$1223.
Looking at the chart above. We must presume we are starting on a new leg up in the bull market rally. The XAO has broken above the down trend line. The MACD is above both the Zero line and its signal line. Both the Williams %R and RSI are giving bullish readings.
We're now into one of the strongest months of the year (December and January are the two best). So this looks like the start of the Santa Rally.
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