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12/07/24
08:26
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Originally posted by TheFadz:
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Mixed data last night We had great cpi data for the bulls Again silence on the threads (bearish data & the threads would be flooded with end of the world posts) Rate rises should definitely be removed from calculations now As of last night, asx no longer pricing in rate rises (thankfully common sense prevails) Small caps benefited the most Up 3% overnight Hopefully they can push for 2200/50 by the eom They might get held up along the way for profit takers Spx & nasdaq took a much needed breather & I think go nowhere for a few weeks as they consolidate DJ tried to jump a fence but didn't take off Again can push for 40500 in this new channel before they get stuck again What will the xjo do? Well, we have 5 large caps mixed with a million small caps So it's hard to say I would like to see 7960 hit before we try to sell But I also think we get held up for profit takers Maybe 7960 back to 7860 before a bounce back to attempt the new channel Punish those who waited for the news to buy or after the green candle Bulls need to get through 7960 to open my long waited 8200 channel Xjo needs to close above 7930 today if it intends to do that soon Otherwise we remain in the 7800 & 8000 range for this month & we have to wait for august to break through (check again next week to see if that changes)
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NDX was getting very frothy as mentioned so shorts worked there. XJO up due to the DXY down and precocious Metals getting a boost accordingly, 7950-8000 will prove difficult imo Inflation is almost back to normal which means mega caps (that got a boost in past earnings due to inflation) are now to have a hard time to justify their valuations from now on