Last night - Dow Industrial Index up +1.03%Today
- Hang Seng (Hong Kong) up +0.42%
- Nikkei (Tokyo) up +0.61%
- XAO (Australia) down -0.8%.
The talking heads on TV tonight will rabbit on about consumer confidence and housing figures being bad. Yeah. XAO down -0.8%, Consumer Discretionary (the sector most impacted by such numbers) was down just -0.2%.
One of the advantages of being a blogger - I can tell it how I see it.
First, let me say, I believe that global warming is a reality and that it is being caused by human activity. And I believe that action should be taken by all developing nations and developed nations to curb the excessive use of fuels causing build-up of CO2 in the atmosphere.
Today's remarks about the clear negative action in the stock market has nothing to do with my personal beliefs.
Today's negative action on the stock market is, I believe, due to market perceptions of the action taken by the National government. It is a vote of non-confidence in this government and until it can conduct matters more appropriately, sensitively and in a consultative manner, the market will continue to react negatively.
Enough of the rant.
Today's action was negative - in the face of overwhelming positive international stock market action.
Was it decisive? Probably not.
Volume today was below the 10-Day Average. The important horizontal support level was broken marginally to the down-side. But the oblique uptrend line on the chart from early 2011 still holds.
Let's see what tomorrow brings. But - if overnight is negative - then our market is looking at a bleak future.
Good luck
Red
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