Dangerous Times - Thursday, page-4

Rescue attempt continues. Wednesday Evening Liqueurs. 26 August, 2015.

XJO up +0.69% on heavier than normal volume. That was a good effort by the XJO today. It opened well down after weak overnight markets. But the last hour sell-off in the American indices looked like a furphy to me. Anyway, our market was down initially on that news – then slowly fought back well into positive territory by the end of the day.

Here’s the chart:



This is still, at this stage, a move up from a severely oversold market. I’d like to see a high low form and then a strong move up. A retest of the recent low is not out of the question.

It was the risk assets that carried the day – Miners +1.39% and Energy +2.81%. Financials also played their part +0.59% – they’ve been very beaten down and due for more upside. Those three sectors are the key to a major move upside.

RB.