The market is the focus of much commentary every day. Every major newspaper of any substance has a section devoted to "business" with much of that talking about what happened on the stock market.
So, if you read the business section tomorrow morning on the Australian market, you will, no doubt think, a lot happened today.
What do I think? Does it matter? Probably not. Yeah - well - I only write this blog because I'm an out and out egoist who thinks what I think matters. :)
So - did much happen today? In my view - not much.
After the big day up yesterday, the XAO was down 1.07%. That's substantial, in the language of most people. And that's reasonable.
But here's another statistic.
The Advance/Decline Line went up today. The A/D Ratio today was 1.1. That's positive.
The Consumer Discretionary Sector was down just 0.1% today while the Consumer Staples was down 0.7%. That's a vote in favour of the Australian economy.
Just my opinion - today's drop was simply "noise" - a minor reaction to yesterday's rise and nervousness about overseas conditions and tonight's budget.
So long as 4500 on the XAO holds - there's no reason for any concern.
And if you believe what I say - I would also suggest you go and seek independent professional advice. :)
Cheers
Red
No comments:
Post a Comment