Nothing much happened today. Today was a rest day. Looking at the chart - today's action is represented by a narrow range bar. Volume was the lowest in fourteen days. Today there was no interest in buying or selling.
The only sector showing a marked deviation from the general market was the Consumer Discretionary Sector -0.8%. The fall there was mainly due to Myer (-11.47%) which announced a downgrade.
At this stage of the Stock Market Cycle, the Consumer Discretionary Sector is likely to underperform. The Stock Market Cycle is coming into the "Late" Period. Consumer Discretionary tends to outperform in the "Early" Phase. (It's no wonder Gerry Harvey is screaming - but the best days for the Consumer Discretionary group are over. Get used to it Gerry - and batten down the hatches.) "To everything there is a season ... " Ecclesiastes 3 1.8.
Myer down -11.47%. That takes the stock back to where it was in early January, 2011. hmmm.
Now - the next couple of days will be up. Then the stock will settle back down again. After that - general market direction will be the most important factor in the direction of the Myer price. But I wouldn't be expecting much of a rebound. Just my humble opinion.
Good luck
Red
No comments:
Post a Comment