Well I was way off in this morning's talk about where we might...

Well I was way off in this morning's talk about where we might go.  Brainwashed like most other people into thinking that we follow America.   America was a narrow range day.  So I thought we migh do something similar.   I know better, but the brainwashing gets me along with most other people.  Forget America - it's a furphy.  We went down.

XJO down-1.18%.  

Here's the chart:



Enough of that existential angst.



Let's look at the chart.

We're in a sideways consolidation, below the 200-Day MA.  Until we get back above that, for the long term investor, it's best to stay on the side-lines.

Here's the daily sector performance chart.



The only positive sector today was Utilities.  It's been one of the ASX strongest sectors for many, many months.  

Utilities is a defensive sector.  The other best performers today (although negative) were Consumer Staples and Health.  Consumer Staples did well despite a big fall in Woolies (-1.31%).  Wesfarmers, on the other hand, was almost flat -0.07%.  Health was down just -0.1%.  

Institutional buying/selling governs the movements in the sectors.  When the Defensive Sectors are doing relatively well, the institutions are revealing their thinking.  They are smarter than me.

Anyway.  Things can turn around on a dime once the market gets oversold.

Our market is not yet oversold, except in the very short term.  So it's wise to remain defensive.  Until we see clear signs of a rebound, remain defensive, like the institutions.

RB.