Today was a remarkable day. We all know that the market was down -2.7%.
The AdvancingVolume/DecliningVolume ratio on the Ozzie market was just 0.1. That means that 90% of volume went into declining issues. That sort of ratio is seen regularly on the American market, but not on the Australian market. I only have statistics going back one year, but that is the lowest reading in the past year.
Today's volume was low. Volume today was 1160M shares compared to a 50-day average of 1437M shares.)
On a low AV/DV day, I would expect volume to be above average. But not today.
What does it mean?
It could well suggest that we saw an intermediate low today - or we are very close to one.
Given seasonal factors, I'm loath to make such a suggestion - but that's the way the evidence points.
We shall see.
Cheers
Red
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- redback report. 24/6/2010
redback report. 24/6/2010, page-11
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