AZL General Discussion, page-11788

A positive day with lot of enthusiasm

Yes AZL gained 7 pips to finish on 8.9c. Our volume was in similar range to last few days, but slightly higher, over 37m shares traded. It was good to get back to high 8s. This is our platform to make next move to double digits - hopefully soon.

ASX Li stocks had a very good day. Of the 54 stocks I track, average gain was 7%.

Overnight US Li stocks also made good gains. The ETF of LIT and other stocks made an average gain of around 3.5%

Today was one of the days from April. There was lot of positive vibe and risk taking. Also similar to how we rebounded after June 23/24. But we need a few more days to cement a good gain.

What next -

Yesterday I had said that all the indicators are looking grave, but my law of probability was saying that we should have a green. Probability won the game for yesterday with huge gains in US indices overnight. ASX followed that today with an equally impressive show and similar gains in indices.

Yesterday it was the fourth day SP 500 was able to hold the 3900 level. It finished on a decent 3980. It looks like in short term we have dodged a bullet, but bears have not given up yet. If the indices rise further, next big test is around 4120 mark which is roughly 3% up from here. Hopefully it goes in that direction rather than retesting 3900.
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Personally I am holding all stocks that I bought for trading. Hopefully we go much higher from here. Somehow last few days has panned out as I was hoping - crucially the hold and test of 3900. That is key for me for any change in tact.

So what will happen tonight? US Futures are slightly in green - after a long time. Asian markets Japan/Aus did very well but HK etc lost some. Cryptos are back to their trading range. After panicking for couple of days, they have regained the zone - they have not made much gains though. Bitcoin just above 19k figure. Volatility index VIX had a big drop yesterday, dropping nearly 9% to be at 24.64 - looking good now though we want it below 20. 10 year yield also decreased slightly - another good sign. Oil has fallen a bit in last couple of days, trying to hold the 80 level - another good sign for inflation to come down. Tonight - Jobless claims data, but more importantly Powell to speak before market opens. We all know what he did when he opened his mouth last time. Its very crucial that he has a somewhat neutral tone. One good thing is that slowly market is expecting that next rate rise may be 0.75%. If it does happen, there is a good chance market would have already factored that in and we should not see a big drop.

So do we think we will maintain the momentum and march forward? Based on my reading, I feel we may go a bit more higher and test the zone of 4120. That would be good as shares would have made some more gains so any fall is tempered then. Will that happen? Lets hope so. All the best.