Furball Friday, page-11

Friday Morning Joe. 29 April, 2016

In my post last night, I noted that European markets were well down. America took its opening lead from Europe, but then recovered to be close to par in the mid-day session. Nasdaq was, around noon, well into positive territory. Europe followed America to finish more or less flat. Ha, ha. Said the Americans, Gotcha. America then fell heavily. No - that's not what really happened, that's the comic book version.



OK - In America:



Dow Jones -1.17%, SP500 -0.92%, Nasdaq -1.19%, NY Composite -0.86%, Russell 2000 --1.19%.
NYSE NewHigh/NewLow Ratio remains bullish at 92.4%. New Lows remain benign at 10. Nasdaq was 77.4%.

SP500 Chart:



SP500 was down strongly, but not a lot of technical damage done. The Index is sitting on the 20-Day MA. That might provide support. Below that is major support from the Super Trend Line and the 50-Day MA. The negative divergences are beginning to play out. A break by the DPO and CCI below their zero lines might cause a bigger pull-back. Just something to watch.

Commodities:


US$ down heavily -0.82%. That had a positive influence on commodities, especially Gold which is very sensitive to changes in the US$. GLD up +1.89%. DBC +0.56%. Base Metals +0.57%. Energy +0.34%. Iron Ore recovered a lot of the previous session's big fall, up +4%. Ozzie Dollar up +0.23%.

In NY, Rio was up +1.52% in NY. BHP up +0.55%. EWA (ETF for Oz shares in NY) up 0.3%. Westpac was down heavily in NY -1.52%, after being down -0.87% in Australia yesterday.

XJO was up +0.73% yesterday in Australia. We'll probably lose that today.Low of yesterday was 5188. If things go belly-up, we have major support around 5151.

It's reporting season in America, and in after-hours trading, some of the tech stocks are going gang-busters. Amazon up about 12%, Linked In up 15%. Our market is not highly geared to tech related stocks, but those results might help to limit downside today.

RB.