Salami Thursday, page-2

The Australian market was well down in early morning trade.  Intra-day buying trimmed losses.  XJO down -0.3%.  STW (tracking ETF for the XJO) down -0.15%.



STW hit oblique support and bounced relatively strongly.  The STW remains range-bound.

XXJ (Financials X-Property) continued to be a drag on the market.  XXJ down today -1.19%.  Given that XXJ is around 40% of our market, the final result for the XJO was reasonably positive.



Looking at today’s candle, there was little intra-day buying in the XXJ.  Until that improves, our market will continue to languish.

XXJ is very oversold, and a potential positive divergence is showing on the CCI, so there is some hope of respite in this bear market for XXJ.

Gold Miners:



Although up today, XGD suffered some intra-day selling.  The Bands on the Dynamic Zone Stochastic are squeezing together so a move to the downside is coming soon.

Trin data today continued to be positive.  Given the intra-day buying – we’ll have a good chance of being up tomorrow.  But – anything can happen overnight.