Apart from the fact that today the XAO suffered a big reversal - up by nearly forty points early in the day to finish down -12.4 or -0.3%, there's not a lot to say for today.
The market remains in the sideways to down consolidation where its been for about two months. Until we get a convincing break one way or the other, we're just getting "noise".
I don't mind waiting - for the longer we wait, the bigger the next move.
Materials and Financials are continuing to play tag - if one if up the other is down. No real direction there in the big movers.
The 50 Leaders and the Small Ordinaries are doing something similar. In a bull market, Small Ordinaries lead. In a bearish market, 50 Leaders do relatively better. But at the moment, there is no real direction coming from those two sub-sectors.
Two defensives were up - two were down. Telecoms were hit hard again today continuing the battering of Telstra.
The Advance/Decline Ratio was up a little. The UpVol/DownVol Ratio was down a little. Again - nothing to go by.
So, for now - it's wait and see time.
I wish I had something more positive to say - but patience is required.
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