Today the XAO finished down -0.4%. After an initial big drop the market recovered considerably then got a big boost when the RBA announced the interest rate decision.Most of the action from there on was concentrated in the Financial Sector with the banks finishing about square on the day, but the Materials still down -0.9%.
The day had a clear defensive tone with the only S&P Sectors being up were defensives:
- Consumer Staples +0.7%
- Health +0.3%
- Utilities +0.6%
So, the day was a clear reversal day - but not a particularly bullish tone to the final result.
Let's see how the market fares tomorrow before getting carried away with the rise in the market during the last 90 minutes.
Given the action overnight in the CAC and today's action in the Gold ETF - I don't have a lot of confidence in the market direction being positive over the next couple of days.
But - you never know. It might surprise to the upside.
Cheers
Red
No comments:
Post a Comment