XJO up today 0.75%. That’s a bit disappointing. The big draw-back was the Big Four Banks which all finished on the negative side. CBA reported today and set aside a big stack of money for possible sanctions arising from a variety of past misdemeanours.
Today’s candle has a big upper tail – that is indicative of the selling that occurred in the Four Big Banks.
We may have seen a low in this pull-back. That doesn’t mean we’re going to get a straight arrow shot to the upside. We’ll see a bit of shuffling around at the lows before a move (probably) to the upside.
Two sectors seem to be unambiguously positive – Consumer Discretionary and Health. Cautious involvement in those sectors might pay off.
Otherwise care is advised.
Just remember – the American market is not necessarily an indication of where our market will go. We have a very different economy and stocks here have their own peculiarities.
RB
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