AGE chart, page-1915

A day of stalemate

Yes, it was one of those days where ASX did not want to make a call and will wait for orders from masters tonight. US markets are in their own mood though. As I said earlier, it’s a wild jungle dance with extreme swaying. Sometimes 500 points up, other times 500 points down. Poor ASX can’t even do that. Its like a scared spectator with slight movement of feet, mostly backwards.

ASX U stocks declined further. The percentage of decline is getting smaller. It seems to be getting near the bottom, trying to find the lowest point. Across 19 stocks it was nearly flat, but some stocks lost couple of percentages.

U Future price also not helping. It declined another 95c to finish on $54.15.

What next – We are dependent on US markets tonight. Some CPI data, but not sure that alone can drive things. Bears are riding a strong wave and something stronger may be required. There was a brief period when we thought U market has decoupled from general markets, but in current conditions it seems to be tightly coupled. So all we can do is hope for some recovery and sanity tonight. All the best