In Australia, the XJO was up +0.09% on low volume. [IMG] It's...

In Australia, the XJO was up +0.09% on low volume.

It's possible, but unlikely, that's as far as it goes. A "dead cat" bounce. More likely - further rises, until the chart gets in the vicinity of the 20-Day, 100-Day and 200-Day M.A.s. The chart is now above the 50-Day MA. The XJO really needs to break the top of the recent rise (about 5500) to be convincing. Indicators have turned up, so further rises seem likely, at least in the short term.

The day was one of mixed fortunes. Health, Telecoms and Consumer Staples held the market. Financials were also up moderately while big falls in Energy and the Miners pulled the other way. The three best sectors were all Defensives. Here's the daily Sector performance chart.


Woolworths was the major contributor to the good performance of Consumer Staples. Woolies has been under pressure since April, but today was its Annual Meeting and the market responded favourably. The stock was very oversold on many indicators so it didn't take much good news to send the stock higher. It's still early days, but Woolies might have turned the corner. Biggest risk now is probably general market risk.




America is closed tonight for the Thanksgiving Holiday and Friday is a shortened trading day.

Our market usually springs a surprise in the two days affected by American holidays. We'll see how it goes this time. Hopefully a surprise to the upside.

Redbacka