Monday 19th November - Beam me up Scotty, page-5

SPI200 Commentary

Follow or Fade!

SPI had a very choppy day Friday and was weaker than expected. SPI failed to break out past recent highs early on and made new lows into the night. There was a small rally at the end which closed about mid range. The risk on rally I was hoping for only showed itself very late in the AUD. This managed to break above 73c and closed the week strong. This may be a lead for the XJO but as shown on Friday its going to be a choppy ride. Banks couldnt muster much strength and other commodities dragged the market down also. So as usual keep an eye on the big caps for a lead, it does still look like SPI is closer to a bottom than a top but if it does rally it wont make it easy. Looking for more range bound action today and it will need to break out and look comfortable before the 5800 level is tested. For todays trading I am looking to buy dips around 5720 and sell rallies around 5770