Wednesday was a strange day. The market traded in a narrow range for most of the day. Then in the last half hour it broke upwards quite strongly to finish up +0.7% for the day.
Despite that there was a decided defensive feel to the final figures. The 50 Leaders were up +1.0% while the Small Caps were only up 0.1%. Telecom Sector, a defensive sector, was the best performer on the day, up 2.3%. Health also performed well, up +1.2%. The A/D Ratio was a slightly bearish at 0.98. But UpVol/DownVol was a reasonably bullish 1.65. Given the late surge and the numbers for the 50 Leaders, it looks like a lot of action was centred on a few of the large cap stocks.
The market is still within the consolidation range. So nothing has really changed today from the past few days. We're still waiting on the market to show us which way it is going to head.
Interestingly - volume returned to normal today (about 1.5Billion shares traded). Volume has been low for the previous four days. Again, I can't see that much can be read into that.
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