AZL General Discussion, page-12549

Keen tussle between bears and bulls?

Yes AZL gained 3 pips to finish on 8.1c. Our volume was very good, highest in nearly 3 weeks, just over 38m shares traded. We touched 8.5 today, need one push to get to next level of around 8.8 - hopefully tomorrow if markets behave.

ASX Li stocks had a good day. Of the 54 stocks that I track, average gain was 4%.

Overnight US Li stocks went down with the volatility in the indices. Average drop was over 3%..

What next -

Yesterday US pre-market was looking red and it did start that way. It went further down before losses were pared and it even went into green, before dropping very late. Still a decent day after rise of 6% in 2 days - average drop of around 0.25% across indices yesterday. ASX indices struggled to find direction the whole day - playing around zero mark, finishing very slightly in green.

So US indices did not drop big yesterday as some analysts were predicting, so a small win there. Chances of a test between 3850 and 3885 on SP 500 is now increasing (first test around 3820), unless markets get spooked by some bad news. Though indices did not drop much, 10 year yield jumped over 3% - not a good sign. Oil is also rising, including OPEC cut decisions - fodder for higher interest rate.
.
Personally - As mentioned yesterday, I am waiting to see what happens around these levels. I have a feeling that 3900 mark which was pivotal for our drop down to 3500s may again become an important number to provide direction. At this stage I feel it may coincide with CPI/PPI number next Wed/Thu - lets see. It falls into theory of Scenario 1 I mentioned in my earlier posts as well as seasonality.
.
So what will happen tonight? US Futures in slight green. Asian markets mixed but nothing major. Volatility index VIX dropped slightly yesterday to 28.55. Yields need to stop gaining if stocks have to move - something to watch tonight. US Dollar too needs to drop. Cryptos are in similar range as yesterday, but slightly ahead - Bitcoin around 20.4k now. This sudden rise has caught many on the wrong foot - it did not fall enough for bears to exit and bulls to buy. But this year market has been unpredictable and carving new patterns never witnessed in stock market history. Will the trend continue tonight, but on the upside, making first attack at 3850? Lets hope so. All the best.