Market Comments: 18/01/2010

Another flat day today. The market was down early then slowly ground its way up to finish slightly positive on the day. The XAO was up just +0.1%.

The Advancers/Decliners were also flat 738/734.

The market showed a certain defensiveness with the 50 Leaders up +0.4% while the Small Ordinaries were down -0.3%.

The lopsideness in the market evident in the 50L/SO discrepancy fed into an unusually high number of New Highs on a 20 Day basis in the 50 Leaders. There were seven new highs and one new low. Five of those new highs were in the banking sector - a result of the late Friday guidance given by CBA which fed on to the banking sector today.

All in all, a lack lustre day. That often happens when America has a Monday holiday.

We could get some definite movement tomorrow in the markets.

Cheers

Red