Chocolate Mint Friday, page-2

Thursday Evening Liqueurs. 18 February, 2016.

If you were looking for a Morning Joe Report this morning - there wasn't one. Our friendly Electricity Supplier decided to replace the electricity pole outside our house today. So we were without power for most of the day.

XJO up today +2.25%. Volume was extreme today but influenced by Options Expiry.



The Chart has broken upwards out of the Descending Bullish Wedge. That's a big positive for this market. De-trended Price Oscillator (DPO) has broken up above its zero line for the first time since early January, another positive.

Bullish Rallies after steep down trends always have to face a Wall of Worry. The next levels of resistance for the XJO are the major horizontal resistance level from 2010-2012 and the 50-Day Moving Average. It might pause here, but it should be a short term event. The big issue will come when the XJO gets up to the 200-Day MA.

At this stage, indicators are not overbought, so more upside should be probable.

Risk-On, Risk-Off

Utilities continues to perform well, but relative to the XJO it is under-performing which suggests we have a Risk-On Market.




Just be selective where you place your bets. Financials are on the improve, but under-performing the Miners:



RB