daytrade diaries... november 23 part 2, page-3

The Australian share market was up more than half a per cent at noon, as gains in the mining and retail sectors offset weakness in some bank and energy stocks.

All Ordinaries up 30 points, or 0.66 per cent, at 4737.

Some analysts are saying "The market is trading stronger today, trying to get back some of gains lost on Friday.
Retail is holding up very well today with Harvey Norman a particular stand-out."

Analysts said. The S&P/ASX200 index in Australia appers to have carved out three-quarters of a head-and-shoulders formation on price charts. This has bearish market commentators predicting a turning point with potentially lethal consequences, reports the TechWizard.

However, his view is that this bearish signal has yet to be confirmed, and it hasn't. On top of this comes the fact that the Dow Jones Industrial Average (DJIA) in the US doesn't look bearish at all on his price charts, which would support the view that the three-quarters of a head-and-shoulders might never become a fully completed bearish signal.

In the US, notes the Wizard, the DJIA is not looking like turning bearish anytime soon. The DJIA, says the Wizard, is bouncing up against the 50% retracement and the MACD indicator remains bullish.

All in all, the Wizard maintains there appears to be no reason to turn decidedly bearish for the final weeks of calendar 2009.

As such, he'd be more inclined to see increased uncertainty translate into more volatility, but with equities still grinding higher, while battling widespread investor skepticism.

For those investors with a more bearish view, the Wizard reports that in order to confirm the head-and-shoulders pattern, the ASX200 would have to fall below trend line at 4500, which would open up a test of 4300, and possibly 3800.

Australian new motor vehicle sales rose by 3.7 per cent, seasonally adjusted, to 81,122 units in October, from 78,243 units in September, the Australian Bureau of Statistics (ABS) said.

Majority of sectors are in positive territory at midday, however the best performing sector is the Materials sector index is up 163 points to 12,218.

The worst performing sector at midday is the Energy index, down 26 points to 15,806.

Gold is trading at US$1,160.55 an ounce and the Aussie dollar is trading at 91.86 US cents.

BCC: watching(Will they dump is the question, a few buyers off the screen testing the patience of the sellers who so far have been falling into the trap of impatience and trying to beat each other to the sale.)

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/


Profitable trading will reinforce your discipline and increase your confidence. Enjoy the ride.