AZL General Discussion, page-11450

Powell spooking up resource punters

Yes AZL lost 1 pip to finish on 8.8c. Our volume was comparatively lower, just over 21m shares traded.

ASX Li stocks were very tentative. Of the 54 stocks that I track, there was no gain or loss, though roughly half the stocks had small declines.

Overnight US Li stocks did better than us. Most stocks were in green but not a big one, and some finished in red.

What next -

Yesterday I had mentioned that US indices may give us a big green, average around 1.5%. Once again what I thought came out like that. ASX too was in big green, but dropped a good portion towards the end, finish around 0.8%, roughly half of US. But resources that I follow, both in US and here were not buying that. They were very tentative, most likely waiting to see what Powell speaks.

Regarding the indicators that I follow, SP 500 made a good gain and is now around 4200. Just 3% away from magical figure of 4325 - 200 day moving average - a cross and hold of this may confirm a bull run. Other indicator, Volatility index VIX is also tracking well. It fell from 22.82 to 21.78 - another decent fall, but above the level we want which is 20.

Personally, nothing major for today, just rotating some stocks and am still holding. There is a big risk if Powell speaks something which the market does not like, but I decided to take some risk. Mainly because SP 500 is playing till now as was expected, a fall of 1 to 3% from last Friday, and then recovering. But all this may not count when an incident is involved - Powell speaking.

So what will happen tonight? US Futures in slight red, as may be expected after a big green. Asian markets largely green, but subdued, average half percent. Volatility index at 21.78 and trending down for last 2 days. Cryptos are in slight worry. after making some good gains yesterday, they have given up those gains. Bitcoin hovering around 21.5k - so very tentative as can be expected. Powell to speak at 10AM, market opens at 930. There is a good chance markets will open tentative, likely a small red. After that its a toss. We can only hope. Will Powell at least stay neutral if not positive? Lets hope so. enjoy your weekend and all the best.