Furball Friday, page-5

Thursday Evening Liqueurs. 28 April, 2016.

XJO up strongly today +0.73% on light volume. STW (ETF for the XJO) was up +0.67%. After the initial higher opening, the Stock trading in a narrow, choppy range. It took a bit of a hit in the middle of the day when Japanese news hit the markets, but the XJO/STW proved to be relatively resilient.



Today's candle is well within the range of the previous wide-range day.

Wednesday's STW was down -0.51%, so today we recovered all of that plus a little bit.

The chart is poised precariously at the level of the first, minor horizontal support level of 49.35. STW closed today at 49.36.

Weak indicators suggest we'll see a pull-back, which will probably be bought. We have a major horizontal support level near-by and just below that is the 200-Day MA. The 20-Day and 50-Day MAs are both rising which gives further clues suggesting that nearby support will hold.

XXJ (Financials X-Property) was an important catalyst for lower prices on Wednesday, down -1.53%. It didn't do much to rehabilitate itself today, down just a smidgin on a relatively strong day. Unless XXJ can fire, there's not a lot of hope for our market.



The best performers today were the export-oriented cyclicals, Materials +2.7% and Energy +1.8%.

Consumer Staples surprised on the upside, also up +1.8%, largely due to a big move in Woolworths +3.62%. I can't see any news related to Woolworths today, so somebody with deep pockets must be taking a shine to Woolies. That follows a huge move in WOW of +4.58% on 14 April, two weeks ago. Woolies remains in a long-term down trend and will need to see more days like these if it is to pull out of that down trend.
Overseas markets are looking shaky at this stage in the evening, with the big European markets currently all down more than -1%.

Japan took a big hit today (-3.61%) as a result of BOJ announcements. That's put the willeys into markets tonight.

RB.