End of quarter so expect everything to be more confusing and last night certainly fits that bill. Looking first of all at New York, prices came off as expected but just to make the task difficult, held last week’s low which is bullish. But the rally point following that dip is exactly where it could turn down from having retraced to the preceding tiny fourth wave. A few alternatives here and I really am not sure which to go with so will have to get this quarter end business out of the way. First of all it may be a running correction. If that is the case it would be extraordinarily bullish. I had mentioned earlier that it might be doing a flat – that is still possible or we may have only done the first little bit of a much larger correction – yes I really am not sure.
Australia is currently very interesting. Having broken out of that long sideways movement we were able to hold on to most of the gains yesterday. But we really are suffering from a split personality. The banks were the first out of the blocks and have had great rises but looking a bit overdone short term. On the other hand the XMM and XMJ indices have formed the most fabulous little downtrends over the past couple of months. Daily closes show it more clearly. Would not take much to break those downtrends and then we might see BHP and RIO leading the mid caps higher. BHP is certainly attracting attention. I mentioned earlier that we need to be on guard that “they” don’t force the stock to take a run at the lower support level and break it just to trigger stops. Just watch out for that. Interestingly trading in BHP in New York filled a gap this week – is that what it was looking for? But I think it is fairly safe to say that if the XMM and XMJ break these great downtrends, we will get a worthwhile move in the miners
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