AGE Daily Report, page-471

Markets in tentative mode?

Yes AGE lost 2 pips to finish at 5.2c. Our volume was moderate - just over 20m shares traded. General U sentiment driving us down for today.
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ASX U stocks were generally weak. Of the 28 stocks that I track, average loss was around 3%.
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Overnight US U stocks were also down, with average loss of around 2.5%. U Futures steady at $73.
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So U stocks did a small dip, both US and ASX U stocks falling a similar level. As I had mentioned yesterday, general markets were not favourable and another big drop on indices yesterday was weighing down on the stocks.
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What next:
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SP 500 had a another bad day yesterday, a drop of 1.2% to finish on 4137. ASX though was not buying that loss, in green, ahead by 0.3% - is it pre-empting a US green tonight?.
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Yesterday I had said that there is a good chance we may be going down, and it played out accordingly. Yesterday was quite predictable. Today not so. There are a number of signs which have suddenly now started indicating that we may be bottoming here. Seasonality also we bottom in October - so its tying up with that as well. But there are many who feel that there is more room to go down, till 4000 on SP 500 - so mixed opinion, but slight edge for bottoming theory.
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So what will happen tonight? Important PCE data tonight along with Income. Some more earnings. Although the downward movement is not ruled out, the indicators around bottoming could take affect. It would be good to reverse from here having dropped just over 10% from 4600 and fulfilled the prophecy of correction. First step - get to 4200 on SP 500. Will that happen?. Lets hope so. Enjoy your weekend and all the best..