Common Courtesy Wednesday, page-3

SPI200 Commentary

Follow or Fade!

SPI was rangebound on Tuesday and drifted higher during Sycom. Bears would have been frustrated by the SPI action and looking at the chart in isolation actually looks constructive. Most of the weakness in the Australian economy is being shown currently in the AUD. We need banks and resources to move together to get more direction. With the markets waiting for the FED decision we should see more range bound action for the SPI today. So wait for extreme moves to fade. For todays trading I am looking to buy dips around 5900 and sell rallies around 5950