Hi guys, hope everyone has been well. Just a couple charts;
Commodities; still downward pressure on a macro scale. Although on a micro scale noticing few runners in the market right now across few commodities so seems like market doesn't really care for the most of specs right now.
Most like Zinc below have been hit and are back down near major area's of support. Similar stories Copper, Lead, Aluminium, Gold etc. etc.
Oil also showing early signs of rolling over losing its shape a little here with some S.O.T.
US Tech Sector:
Earnings seasons has smashed off techies. RUT has been smacked (Small cap index comprised mostly of tech startups).
HACK (Data security ETF) also hit showing lots of signs of shortening of thrust.
With that being said, Aus spec techies remain amongst the strongest sector imo.
BID 1300% in 6months
WZR 100% in 4days
4DS 150% in 8 sessions
CAG 1000% in 15 sessions and suspended lols.
So the positives/opportunities?
DOW: looks like its shaped up nicely from its long consolidation. Likely to pullback here into resistance but overall shaping okay so far.
XJO: Doing its thing too, has done excellent lately.
XEC: Nice little swing off lows, but will need to push on through after yesterdays selling.
Uranium: More volume entered recently, ETF really coming to the narrow decisive end of things. Macro fundamentals continue pointing to upward pressure.
Nickel: One of the very few commodities holding up trend.
Gold: Couple majors remain strong in Aus. regardless of spot; namely DCN, RRL, NST.
BTC: Chart shaping up moving out of base, although not much interest in ASX spec end.
Overall: Noticing many more movers and volume in spec end over this month. Although a lot of commodities on a macro scale have been hit off seems like lot of specs don't care and individual quality runners will continue to run. Current thematics I've noticed last 2weeks; Seen a lot of volume enter uranium three times now over last 2months at lows. Gold specs also tend to run along with specs with news driven moves. Tech has been winner for me also.
As for the S.O.T (Shortening Thrust) I mentioned above, this might come in useful. I think I may have stole it off Jacko over a year ago?
(20min delay)