Pizza Friday, page-10

SPI200 Commentary

Follow or Fade!

SPI held up well during the day session but a big selloff in the US meant SPI got absolutely smashed during Sycom. SPI closed at 5680 which is well below the lows made earlier in the week. Its probably time for the Aussie market to lead the way lower as it lagged the rest of the world on the way up. Yields kept rising despite the selling and BOE is signalling tightening so all around the world it seems the low interest rate capital is gone. So watch for all the yield plays in our market to lead the way lower and banks which rallies yesterday should also be sold off. Watch out for a sharp bounce from the open today as a lot of people will be ready to get short from the open today. So probably best to get short around the 5740 level which is where there was previous support. For todays trading I am looking to buy dips around 5650 and sell rallies around 5740