Hi BD,
Just to add to your Discretionary Spending Woe Stories, I have a close relative who recently started a new magazine in Brisbane targeting high end discretionary spending. The only product vaguely similar to his mag immediately contacted all his advertisers and offered them the same advert in their mag for half his price. That's not Woe, that's War.
New York Stock Exchange closed for Hapless Turkey Day. Toll: 46 Million Turkeys. Interesting story: Thanksgiving Day in America has the highest household fire rate for any day of the year. Household fires go up by three times the daily average on Thanksgiving Day. Cause: Turkey's Revenge?
On other overnight exchanges:
German DAX +0.84%
French CAC +0.6%
London FTSE +0.69%
Milan MIB +1.03%
Toronto TSX +0.44%
NYMEX was still open, so Gold, currencies, etc. were still traded. Nothing much happened, e.g., US$ Gold closed at 1729.7, up 0.42 cents or 0.02%.
Comment: It looks like Australia’s rise yesterday pre-empted the rises in Europe overnight.
Technical Comment on the DAX:
MACD Histogram. Above zero. Positive.
MACD. Below zero. Negative.
RSI.9 is at 56.5. Positive.
Stochastic. 51.7. Positive.
CCI.14: +48.2. Above zero, positive.
Four Momentum Indicators are now into positive territory. MACD below zero means the market is still susceptible to sell-offs.
The chart is back in the sideways consolidation zone. It briefly dropped out of that last week but has now climbed back into it. Crucial test now – testing the uptrend line from early June from the underside. This also coincides with the 40-Day TMA. That’s powerful resistance. The past four days might just be a bear flag. Caution. And that also means flashing amber for Australia.
Redbacka
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