Loomis Wednesday, page-2

Jako:
Thanks for Opening the Wednesday Thread.  I think a lot of punters have missed your welcoming thoughts.  ")

XJO. up marginally today +0.15%.



Today was a positive day.  A narrow range day inside the range of Monday’s down day.  That’s indecision.

Today’s hesitation comes at a major support level, 50-Day MA.

Given that we’re at support and the index is oversold, we can expect some sort of move to the upside.

Despite negative Iron Ore results overnight, the miners recovered a little ground:



Stock prices often pre-empt commodity prices.  This looks like such a case.

XEJ was only marginally lower, -0.02% despite big falls overnight in the Energy complex:




XEJ was oversold so some consolidation is not surprising.  Let’s see if we can get a move to the upside tomorrow to signal the end of this short-term down trend.

XXJ is the most important index in the OZ market:



The XXJ moved up today +0.48%.  But inta-day selling is evident in today’s candle.  So we must look circumspectively at today’s rise.  Today’s rise did come, however, at support  – so that’s a positive.

Summing up?  I’m neutral.  Lots of positives in today’s action.  But, I’d like to see some follow-through on the upside before committing.

RB