It sure is, and its a perfect example as to why people who are trying to short this market right now on a few indicators are going to get burnt..unless they have small positions with large stops, you might as well be at the Casino.
Now on a brighter note, today we will now see several of the majors on the ASX breakout. STO yesterday pivoted to the upside. Today should see a clear break above the 200D MA that it has had trouble breaking in the past and head up towards its next resistance level... maybe $15.20.
Also worth noting are some of the banks.. Two of the 4 majors I have looked at are showing solid breakouts into new 12 month highs. These charts for Westpac (WBC) and ANZ Banking (ANZ) are below.
Today should be interesting, I guess we might see a decent short cover across the board so the gap ups will be thick and across the board IMHO. I personally don't think we are far away from a retrace, but now maybe a retest of some of the major resistance levels were are seeing break.
Ill be watching the following today NKP, HEM, AZZ, DMM, MMZ, HTX, POS, DML, IOH, ARM, VPG, HGN, AEE and CXS
When I get a chance I will post some other individual charts.
