Sideways movement in slight positive directionYes AZL finished...

Sideways movement in slight positive direction

Yes AZL finished flat on 8.8c. Our volume though was better than last few days, similar to Friday, around 32m shares traded. It was good to reach high 9s again. Last time we reached 9.7c, this time 9.8c. Matter of time when we get to double digits.

ASX Li stocks also inched forward without making good gains. Of the 43 stocks that I track, average gain was just over 1%

On Friday although US indices had a gain of 1%, most US Li stocks were in decline. That way ASX Li stocks did well not to lose a similar ground.

What next -

On Friday US markets did well to have a gain of around 1%. That provided a positive start similar to what we saw last Monday. But the gains today were not much for most of the stocks. ASX indices aped US indices from Friday and had gains of around 1%.

So ASX gained around 1% but stocks were subdued, why? One of the main reasons is that we are still in that uncertain zone with fear of recession hanging over the necks. Punters are still not convinced. Volumes are comparatively much lower than average for many stocks. So although many stocks made a very good start in the morning, many gave up the small gains made.

So what will happen tomorrow? No US markets tonight. So ASX should be sideways tomorrow. It has made the gain of US indices of Friday of 1%, so unlikely we will see another 1% tomorrow. US Future in morning may give some indication, but it will not be conclusive. Today, Asian markets were mixed - with some doing gains and others a loss. ASX was the best performer till now. Europe may provide direction for tomorrow. Also, tomorrow is our rate rise day by RBA at 2pm. Expected rate rise is around 0.5%. If the number is different from expected, we may see swings, otherwise it may not have much impact. Lets hope other markets and other data are positive so that we continue in forward direction, even if its at a snail pace. All the best.