Looks like a wishy washy day to me. The same old maxed out metal stocks in London. Baltic Dry nose diving etc etc. Dow Down - profit taking? By and large the flight from the USD still seem to be the big thing putting value into the market.
Gold continues on up. Base Metals Up:
With that said, there is still room for growth in the XJO, Gold is up - but be careful with Gold miners popping their heads above the upper bollinger. I was going to call NCM the no brainer of the day, but it is in a prime position to be slapped down a little.
The banks are worth a look - they are for the most part with the exception of Westpac on or just above the mid bollinger and have room to move. The trouble is I still am not 100% sure why they have been lagging, which makes it hard to say whether they are bouncing or simply retracing in a down trend. May not be a trade on them today, but worth keeping an eye on.
Short: No Bounce: Tending to this as of 8:00 am Long: Cant see it Fade: Nope Scalp: Always good if you are uncertain. Sit Out: If you cant see a clear trade and don't want to scalp you way to fame and fortune, it wont hurt at least.
No Brainer Of The Day: Gold, but you will have to hunt for one with headroom that is unlikely to be hit with profit taking.
