Breadth. 16/02/10

Although the market was up today (XAO +0.4%) most of that move can be attributed to the banking sector after Westpac produced an unexpectedly good result. It was up 6.2% while ANZ and NAB were both up around 3%. CBA fell slightly - probably a result of investors switching out of CBA and into WBC.

Given that WBC had such a good result, I'm surprised it didn't carry over to the broader market - given that it probably indicates a robust economy.

Breadth, however, was poor.

Advance/Decline Ratio was a slightly bearish 0.96.

UpVol/DownVol Ratio, however, was a decidedly worse figure at 0.77.

While the broad market was up 0.4% - the 20-Leaders were up 0.8%, while the Small Ordinaries rose only 0.3%.

Out of 10 S&P Industry groups, only two were up: Financials +1.5% and Consumer Discretionary +0.2%.

On those figures, the next move is more likely down than up.

Cheers

Red