Thursday 8th November - We have lift-off, page-2

SPI200 Commentary

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SPI had a strong finish Wednesday after a volatile day session. Markets around the world and especially USA used the mid term election results as an opportunity to buy and this sent SPI rallying into the close above the 5900 level. So it looks like the bottom is in and the market is setting up for a Santa rally. 3 of the Big 4 start paying dividends over the next week or so, so the strength of this rally will mainly be led by how they trade after going ex div. Should the big end want to buy them then look for a rally that goes well above 6000. As usual it will be choppy action during this rally so wait for your levels to enter. Initial target on XJO should be around that 5950 level and we should hit that today. For todays trading I am looking to buy dips around 5890 and sell rallies around 5940