The market was down today with the All Ordinaries -1.1%.On the short term chart, a divergence has opened up on the MACD Histogram and the RSI is getting close to the 20 level. So, if the market opens on the down side tomorrow we might see some strength in the market later in the day. We shall see.
There were no real surprises in the market today, unlike yesterday. Advance/Decline ratio was in accordance with the market. The 50-Leaders were down -1.1% while the Small Ordinaries were down -1.4%. That's probably about what you'd expect on a down day - risk aversion was clear.
My suggestion yesterday that the anomaly between XFL and XSO being caused by "dumb" money looks probable - especially with the burst of early buying today followed by a relentless sell down.
I'll put up another posting soon regarding the 50-Leaders.
Cheers
Red
No comments:
Post a Comment