Viagra Day. Wednesday Evening Liqueurs. 21 October, 2015. XJO up...

Viagra Day. Wednesday Evening Liqueurs. 21 October, 2015.

XJO up +0.2% after being down -0.8% earlier in the day. The low was recorded a little before 1.00 o'clock. The market began to move up steadily, then around 2.45 p.m., the market shot straight up.

Interestingly, all the pundits, who usually provide us with a "reason" for movements in the stock market, were completely flummoxed by this one.

(Maybe it was a viagra spammer. ASIC should investigate that one.)



Clearly, somebody (that's a composite "somebody") decided to plonk down some big dosh and pushed the market up. That's a big vote of confidence in this market.

I'd point out that this was not an isolated Australian event - it also affected other markets. In an era where HFT Algorithm Bots follow market movements in nano-seconds, it is impossible for us mere mortals to decipher just where big movements originate from. All we see is markets moving up, apparently, together. The HFT Bots know - but we don't.

Here's today's chart:



Today's candle has a long lower tail - that's indicating the intra-day buying that occurred today.

The chart is currently in a short-term trading range. Major support lies around 5151 and the 20-Day MA is around 5171. Those two provide substantial support just a little lower down from today's close at 5248.3.
I can't see much wrong with this chart. We might see a bit more to-and-froing until the index breaks upwards from the current range.

Here's today's Sector Performance Chart:



Miners and Energy were the big winners today. Financials finished flat.

Today's action was positive. But the chart needs to break out of this current range to indicate its next direction. I feel fairly certain that it will be up - but I'll be happy to change my mind as events unfold.

RB.