A very confused dayYes GTR finished 1 pip down on 1.5c. Our...

A very confused day

Yes GTR finished 1 pip down on 1.5c. Our volume was slightly higher than last couple of days, just over 13m shares traded. A big sell in the morning at 1.5c caused this.

ASX U stocks also did not get clear direction. Of the 19 stocks that I track, average decline was just over 1%.

Overnight US U stocks had a bad day. Along with the general market decline, U stocks were also looking for cover. Most stocks lost around 5 to 6%. The ETF of URNM too decline 4.6%. This was the similar percentage that ASX URNM lost. Last few days I am watching and they are at this stage going in synch, similar gains and drops. The U Future price has continued its slide further. It lost another 50c to finish at $48.95. Both the gain from 46 and fall from near 53, not much logic there. Looks like thinly traded and hence not a good indicator at this stage.

What next - So US indices had a big fall overnight. After gaining around 1 to 1.5% previous night on the 0.75% rate increase, when the news was digested, the indices went into a free fall. They lost between 2.5 to 4%. ASX opened very weak as was expected. But as the day progressed, stocks and indices started to pare their losses. At one stage it looked like most stocks may finish in green, but punters are not convinced yet. So why did we do well compared to US indices and stocks? My feeling is that after big falls in US stocks for last few days and especially yesterday, punters are expecting a green tonight. Hence stocks were getting ready for Monday. But the conviction was not enough as US markets have surprised us a lot. So there lay the confusion - to go for it or not. Some went, others sold out and many may want to see first what happens. So what will happen tonight? Probability says a green but I have mixed feeling. DOW is closed on Monday. So tonight will provide direction for Monday and Tuesday trading at ASX. I feel there will be a swing tonight, both green and red - in the end its a toss - not predictable. We still have to deal with some EOFY sell next week - its getting closer to finish. But lets hope for a favourable toss so that we can have couple of decent days, even if no big rise, at least no more losses. All the best.