AGE Daily Report, page-438

U stocks facing resistance ?

Yes AGE remained flat to finish at 5c. Our volume was again small like couple of days - just over 12m shares traded. Again trading in narrow range with smaller volumes - is stuck here for now.
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ASX U stocks were mixed. Lot of bigger stocks did well to be in green, but some others were not buying it.. 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 in green but could not make the big move which I was expecting. Average gain around 2%. U Futures steady at $72.75.
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It looks like some resistance is there. That free flying exuberance seems to be missing, any small rises are being sold into. Maybe the U stock prices have made a very decent gain in short time, to me it looks like it wants to take a breather. It may not go down, but I am thinking the next 50% rise may take much longer that the last 50% rise. Lets see.
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What next:
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Yesterday SP 500 had another good day. It gained around 0.5% to finish at 4358. ASX too in good green of around 0.7%.
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So yesterday SP 500 did finish in green but could not overcome some key resistance around 4380 to reach 4400. Also, finished much lower than the day's high. As if suddenly seems to be losing steam. no panic yet, because it has done well to hold 4200, then cross 4300, then 4330 and now getting towards 4400. But some signals are becoming mixed now after yesterday's trading. Lets see, some crucial economic numbers coming up, that could drive the market.
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Lead indicators are mixed. VIX, Yield fell - so that is good. But Bitcoin is losing steam as well, finding it difficult to hold 27k - not panicking though.
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Personally, after couple of months, I felt as if U stocks are finding it hard now to make good gains. Nothing alarming, but to play safe, I took out around 35% from that sector. It has had a stellar run - not sure if it wants to take a breather. So thought will take some out and if it looks fine then go back in.
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So what will happen tonight? FOMC minutes. PPI data - expected to come below last month. If that happens, markets may like it and this time we could get over the 4400, key number 4450 on SP 500. Will that happen?. Lets hope so. All the best..