ASX Morning call 16th August, page-4

SPI200 Commentary

Follow or Fade!

SPI had some big swings Wednesday as there was a big short squeeze in the banks during the day. This rally was reversed during Europe and made new lows. There was a recovery into the close. Nice to see volatility come back in the SPI with the biggest swings during the night. The move on the cash during the day above 6300 could be very well turn into a bull trap. We are in the middle of earnings and there is employment numbers today so don't expect a one way move lower. Expecting some good swings today, so pick your spots and wait for the market to come to you. For todays trading I am looking to buy dips around 6210 and sell rallies around 6260