A sideways play as expectedYes GTR finished flat on 1.3c. Our...

A sideways play as expected

Yes GTR finished flat on 1.3c. Our volume was much smaller than last few days, just over 4m shares traded.

ASX U stocks traded sideways with some stocks making small gains, others having small decline. Some finished flat. Of the 19 stocks that I track, there was no gain or loss today.

US U stocks also traded sideways, but they had small gains across the board. THE ETF of URNM gained around 2.5%. The U Future price inched forward, making a gain of 90c to finish on $49.35

What next -

Yesterday I had said that the most probably result would be a red, and likely small red. Somehow it turned that way. I then said if its small red, ASX stocks will take that positively but will trade sideways. So we did trade sideways - result being that average of all stocks I track there was no gain or loss. Lucky with the prediction there.

So yesterday didn't turn out be a game changer - either way. It looks like punters are either confused or are playing a waiting game. Those sitting on sidelines are waiting for signals. Those holding are also not giving up and happy to hold to see what is in store. We are sitting in a deadlock type of situation. Something will give at some stage, but likelihood of this uncertainity to continue before we get more data is possible.

By my reckoning the EOFY sell should have finished today. As expected, there was no rush. Stocks have been in decline for considerable period, so ample opportunity was already there to sell. Also, most stocks are above their minimum sp reached, so bottom selling would not have happened. Its good to get that sword out of the way. Now its a straight game against the market and ASX and US markets can go in tandem.

Tonight there will be one data presented - US Consumer confidence. Not sure which way it will tilt. Also not sure how much of an impact it will make. But this will be one of the series of data leading up to US CPI figures and US Interest rate hike component. Those two will definetly provide short to medium term direction.

So what will happen tonight? On probability, tonight should be same as yesterday. But there is a catalyst today - US Consumer Confidence data. DOW likes to go in extremes - most days in the last couple of months. So there is a good chance it will take cue from Consumer Confidence data and do its wild dance. Lets hope its in our favour. All the best.