It was post-budget day today. And the market should have given us a clear indication about the verdict on the budget. XJO up +0.26%. That doesn’t look too flash.
Unfortunately, CBA also chose this morning to give it’s update. CBA down -2.84%. CBA is nearly 10% of our market. Go figure. That’s nearly -0.3% off the XJO. Add that to the XJO number, and it’s not looking too bad.
Here’s the chart for the XJO:
1.2.3.4.5 Days hitting up against resistance but the lows are rising. The odds are on a move to the upside.
Here’s the chart for the XXJ (Financials):
XXJ down -0.51%. We can see that XXJ was a big down day – going against the trend. XXJ represents about one-third of our market. So today’s result was clearly a big drag on our market – but we still finished well on the upside.
Really – I’m just blathering.
The chart looks a little promising. Let’s see how tomorrow goes.
At the moment the bull/bear struggle is a tie.
RB.
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