(Other) World UFO Monday, page-9

SPI200 Commentary

Follow or Fade!

SPI had a choppy Friday as it sold off from the opening highs during the day but recovered during Sycom. Its the first day of a new financial year in Australia and it could bring the unwinding of the EOFY rally from the last 2 weeks. What could spoil the bear party though is that there is about $10 Billion in dividend payments going back to shareholders hands this week, so that money has to flow somewhere and back into the markets is most likely. Also July is traditionally a decent month for stocks here. So we could see another week of choppy action. Its also 4th July holidays in the US so that is usually a quiet time there. So with that look to play the ranges today till we get more clues on the next directional move for the SPI. For todays trading I am looking to buy dips around 6150 and sell rallies around 6190