AGE Daily Report, page-440

Another day in wilderness?

Yes AGE lost 2 pips to finish at 4.9c. Our volume was very small - just around 5m shares traded. Still trading in same range, but with lower volume and in lower range.
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ASX U stocks were mixed - no clear direction. Of the 28 stocks that I track, it was flat, on average no gain or loss.
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Overnight US U stocks were all in red. Average loss around 2.5%. U Futures steady at $69.
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US U stocks are going a bit more weaker than us. Most of the big ASX U stocks are still holding, and if they continue to hold, we could see a reversal at some stage, but most stocks have now lost between 10 to 20% from their recent high, some smaller stocks have lost more. Who knows, after JQ returns from his holiday after he had been pumping hard and possibly cashing it out, then we could see some action.
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What next:
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Yesterday SP 500 had a red day after 4 greens. Lost around 0.6% at 4349 - roughly in the middle of yesterday's range. ASX too lost around 0.6%.
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So SP 500 will now be testing whether it can go higher. Yesterday I had mentioned lot of analysts feeling we may have done a short term top and may go down, also based on seasonality, somehow it played out that way. There may be more room to go lower - first test again 4330, but 4300 is key. Many feel we may reach somewhere around 4250/4280 before we may reverse.
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Lead indicators were not favourable yesterday, one of the reasons we went down - VIX, Yields, Dollar Index - all rose. Bitcoin is also looking wobbly, below 27k.
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So what will happen tonight? Some more economic data, but not critical. Some earning reports though could give some direction, especially banks.. US Futures more or less flat, Asian markets largely red - maybe following US from overnight. Overall many still believe that the bull market may continue and we may see new highs in next few months, but before that a small drop. Lets hope if it drops, we reverse from high 4200 on SP 500 and resume our upside journey. Will that happen?. Lets hope so. Enjoy your weekend and all the best..