High Five Thursday, page-3

XJO down moderately today -0.56%



We’ve now had three days down and the index is sitting on a major support level.
Those two factors suggest we’ll get a bounce here.

Is there any evidence in today’s trading that we’ll see upside tomorrow?  Possibly.

One of the counter trend safe haven stocks in recent times has been the Property Sector.



XPJ fell heavily today -1.69%, much more than the broad market.  More downside seems likely.  That suggests we’ll see a switch out of Property and into more risky offerings.

Telecom has been the most beaten down sector in our market for many months.  Today it was up +3.64%.  Catalyst?  None that I can see.  The smart money seems to be saying this has gone far enough.



Mining has been on the slide since mid-February.  Overnight, results were diabolical, but, today, picture perfect, the miners hit the 200 Day MA and rebounded to be up on the day +0.03%.

With those results, all we need tomorrow is for the banks to have a good day, and we’ll be back on the bull wagon.

Let’s see what tomorrow brings.

RB.