Well - you have no doubt been inundated by information about the wonderful performance by th ANZ Bank. Now pollies have more reason to bank bash (particularly if you are in opposition).What did the market think of it? The Market? That's the beast made up of all the dumbest brains in the trading industry, and all the smartest brains in the trading industry. And all those who are not so bright, but not so dumb (like me).
The dumbies - they pile into the market at the beginning of the day on the basis of news.
The smarties - they act later in the day to take advantage of the dummies not so smart move.
The not-so-smart-not-so-dumb (like me) sit on the sidelines to see who wins - and hopefully follow the smart money.
What's the smart money doing? Well - it looks like they think the ANZ result is a lot of old cobblers and their money should be in miners like BHP and Rio - and any others you would like to name.
CBA today made a new 20-Day Low. Go figure.
The market today was up 0.7%. Not a poor effort. But it was an inside day - a day of indecision.
And that's reflected in the above charts. But the smart money is still betting on the miners.
Let's see what tomorrow brings.
Cheers
Red
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