Hi Folks,
There have been volume surges in the past twelve months on XAO/XJO around the following dates:
20/3/08, 19/6/08, 19/9/08, 19/12/08, 19/3/09
It doesn't take too much imagination to work out why.
The market is currently overbought. The Daily Slow Stochastic is the highest its been since the volume surge occurred back around 19/9/08. The run up over the past seven days is very similar to the run up back on 19/9/08 which was also over seven days with similar "hiccups" or "punctuation marks" in the run ups.
I don't think the bears would be too worried by today's events.
It's what will happen in the next week or so which will be of most importance. A swift pull back? or consolidation?
We shall see.
Cheers
Red
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