i am the prod - wednesday

Good Morning and Welcome to the XJO Wednesday Thread

News for Today (AEDST)

Gee, what a mixed up market we have at the minute.

Most sectors didn't look particularly weak, the weakest sector appeared to be the XPJ which came off with a wide spread and high volume, although strangely the 'value traded' was only about average (wide spread was still a bit of a worry though).

So the XJO yesterday came off with a slightly narrower spread on higher volume (value traded) compared to Monday, although volume was still slightly below the average.

In isolation there must still be some demand present to keep the spread narrower than Monday, otherwise if today contained a majority of selling (to the retailers), why was the spread not wider ??

I know the potential set up is there, wide spread down (13th Nov) showing an 'ease of movement' lower, bounced off the previous pivot high and rose up, and then bumped its head on the underside of the previous trading range (upthrusting the breakdown) and has come off again.
Question is 'how much is it gunna pay' ??

I feel there is currently a reluctance to come off strongly, and an underlying strength in the local market.
Sure, if they tank overseas for a while, we will come off in sympathy no doubt,
however I am yet to be convinced the local market is now completely weak and a major high is in.
(Don't worry, I retain the right to change opinion quick as a flash if required, haha)

Anyway, the XJO is currently 'dancing around' the important static lines very nicely indeed,
and is possibly going to retest the slight increase in volume seen at the low of 13th Nov.
We'll see what happens if/when it gets there.....

Good Trading and Investing

cheers