Bad News - Tuesday, page-4

American Major Indices

The session opened strongly, but highs for the day were seen just after 10.00 a.m. (New York time). Indices were positive but selling pressure was evident. Four out of five of the Indices are above their 20-Day MAs - that's a plus. The only exception is the R2K which is looking very bearish. Dow 30 +0.26%, SP500 +0.29%, Nasdaq +0.23%, NYA +0.3%, R2K +0.42%.


Here’s the detailed chart for Dow Jones Industrial:



DJ30 up +0.26%. It hit overhead resistance, where it's been many times before, and fell away. It remains in a choppy sideways consolidation, where it's been for most of this year.

Commodities:




Not much happened in commodities, except for Gold which marches to a different drummer. DBC more or less flat last night, -0.05%. US$ (UUP) up +0.28.. Base Metals -0.12%. Energy +0.00%. Gold +0.9% - intra-day buying which was evident on Friday carried through into this session. The Energy sector was a narrow range candle at the top of the recent trend, on heavy volume, the heaviest since early April. That might indicate a top. Follow through selling is needed to confirm. Iron Ore up +2.8%.

Oz Stocks in NY:

BHP +0.46%. Rio -0.17%. Westpac -3.79% and ANZ -2.61%. RMD +1.34%. Woodside +0.76%. EWA -0.17%. AUD/USD -0.2%.

I thought the Ozzie $ would be down more than that last night - but it looks as if the interest rate decision to be announced today has already been priced into the currency. So - if a cut is announced - there won't be much of an effect on the currency. No cut - all hell might break loose.

Tough day today. Big News Day - anything could happen.

RB.