Fried Chicken Thursday, page-6

SPI200 Commentary

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SPI went back to being range bound Wednesday as it sold off early down to the 5705 area and found support. SPI then ranged between 5730 and 5705 for the rest of the day. Overnight saw the SPI trade sideways again and finished at 5726. Even though we had the FED speaking last night, their 2 way commentary pretty much reflects the 2 way nature of most equity markets at the moment. US has been range bound in particular the SNP and this theme continues in the XJO. This will be frustrating for Index traders but within the markets there are sector themes that are providing better opportunities. The sell off in the property trust sector recently is an example. The biggest mover overnight was a fall in crude, so that should weigh on our energy sector. Overall though it looks as though the drift up should continue on the XJO today till it hits the 5830 level, so I will be looking for dips to buy. The overall trend though is still sideways so you need to adjust your hold times accordingly. For todays trading I am looking to buy dips around 5710 and sell rallies around 5750