Market comments. Thursday 27/1/2011

Today was options expiry day, and nothing much happened.

The XAO was down just two points - that's flat. (-0.04%)

The Small Ordinaries were down -0.1% while the 50-Leaders were up +0.1%. Nothing much can be read into that. The Advance/Decline Ratio was 1.02. Again nothing can be read into that.

The Defensive Stocks were a bit weaker today than the Materials and the Financials:

• Utilities -1.1%
• Telecoms -0.5%
• Consumer Staples -0.9%

On the other hand Health was up 1.1%.

Health has been a strong performer in recent weeks.

So - all in all. This was Options Expiry Day. A Nothing Day.

I could make a negative case - a narrow range day on high volume near the top of a long up trend coming soon after two major reversal days (see previous blogs). That's a big negative.

But - maybe today was just Options Expiry Day.

Let's wait and see what happens tomorrow.

In the meantime - the Bulls still have the upper hand. The Trend is UP.

Cheers

Red