yotta's chaotic, disordered, confused thursday, page-16

In America:

Dow Industrials -4.62%
Dow Transports -4.03%
SP500 -4.42%
Russell 2000 -5.16%
Nasdaq100 -4.06%

Comment: Most of yesterday?s gains were given up today. The Ozzie Smarties are not looking so smart today. :)

Volume was once again high ? the sort of volume we expect to see at market turning points.

NewHighs/NewLows came in at 3/227. The New Low figure is poor, but a slowing in momentum. The New Lows two days ago were 1292.

The Materials Sector -3.44% and Energy Sector -3.45%. Those numbers are clearly negative for the Australian market on Thursday. All nine S&P Sectors were down, with Utilities the best -1.89%. The Banking Sector was down, -8.21%. Semi-conductors was down, -2.06%.

Europe:
France -5.45%
Germany -5.13%
London -3.05%

?Hey Red, weren?t there any bright spots amongst all this doom and gloom??

Yes ? actually. Toronto was up +0.74%.

Did I hear you ask, ?Isn?t Canada more like Australia than the U.S.? Isn?t it a commodity based economy just like Australia?? Well ? sort of. The big difference is Canada?s mix of commodities is much different from Australia. Canada ? Gold and Oil. Australia ? Iron, Copper and Coal. So ? let?s have a look at the Gold price.

Gold in U.S. Dollars is up +2.9%. Gold in Oz Dollars is up +5.52%.

AUD/USD fell heavily, -1.83% to finish at 101.84. EWA (the ETF for Australian shares) fell -4.71% after being up an astounding +9.76% the previous day.

Technical Comment on the DJ Industrial Average:

The DJIA finished at 10791.49. Back below the November, 2010 support at 11000.
Below the 13-Day MA. Negative.
Below the 150-Day MA. Negative.
Indicators:
Stochastic: 11.67. Above its signal line. Needs to get back above 20.
The 13-Day MA is below the 150-Day MA. Long-term negative.
RSI.9 is at 24.3. Back below 30 ? extremely oversold.
MACD Histogram below Zero. Negative.
MACD below zero. Negative.
CCI.9: -129.7. Needs to climb back above -100.

I don?t have a ?buy? signal yet. The sell signal from over two weeks ago remains intact.

This is a great market for the short term traders. I?ll wait.

Good luck
Redb