Today was a solid one-day down event. -1.5%. But hardly dramatic. It was not unexpected given the big down day in America on Friday. Our drop was not nearly as big as the American event.I'm not too interested in the extent of a one-day event (unless it is one-day cricket).
There's probably a bit more downside to come - but not tomorrow. (Famous last words?)
Volume today was still below the magical 1000million mark on the XAO. Almost unheard of. Nine out of the past eleven days have registered below the magical level.
Until this recent run, only three days since mid February were below the magical number.
I don't know what is causing this. But - it means we're coming up to a big blow-out. Up or down? I have no idea. But when it happens - look out.
Given the positive divergences on indicators - I reckon it will be to the upside. And I'm not usually an optimist. :)
Cheers
Red
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