The XJO was up a tad today, +0.1%. Volume was a lot higher than yesterday, but still below average.
Today’s candle was inside the range of the previous day. Not a lot happening. That went along, more or less, with the script I set out this morning. Nothing much.
But - the recent set of candles is "Most peculiar, Mumma" (John Lennon). This market action doesn't fit any regular parameters. Impossible to decipher. (Well - for an Old Duffo like me. Maybe there are some smarties out there who can do it?)
Positive action today was basically located in the Miners. Here’s the Daily Sector Performance Chart:
(This is an aside - I'm getting messages from my Virus Detector that a virus threat has been detected when I upload to Tinypic - the service I use to upload charts to Hot Copper. I may not be able to upload charts if this continues.)
This chart is set up for a fall. The Index is overbought. CCI is showing a possible negative divergence. Anybody already positioned short would be feeling comfortable.
Against all of that? XJO up just 0.1% today. Nikkei +0.84%. Shanghai +1.02%. Hong Kong +1.69%. Those are strong numbers.
How come Oz went against the prevailing Asian trend today? Well, the Miners, dependent on Asia, were in sync. But the rest of the market wasn’t – so it has to be related to domestic issues. Too hard for me, at this stage, to work it out.
But – Oz has been up 8 out of the last nine days. That’s a bit stretched to the upside. The one day down doesn’t even register to two decimal points on the downside. So basically flat. And trading recently has been very odd – to say the least.
Despite promising leads from the rest of the world (Europe is currently up strongly), America is often perverse. We’ll see how America goes later tonight.
Redbacka
(20min delay)