SYA 0.00% 3.6¢ sayona mining limited

Market Indices still not getting clear direction? (Was away...

  1. 4,318 Posts.
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    Market Indices still not getting clear direction? (Was away yesterday so couldn't post)
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    Yes SYA remained flat to finish at 19.5c. Our volume was on the lower side, just around 50m shares traded. So after making a dash above 20 we are now back trading around/under it. Market sentiments and Li sector sentiment is still not very strong to propel and keep stocks up - but its changing from a weeks back. Some stocks on announcement do make some gain, few are able to hold but many get back to trade in their indecisive state. So something has to change for a clear move - some market catalyst or stock specific strong catalyst. Till then it looks like it may be a waiting game. It will change one day, and when it happens, it may be sudden and violent - but difficult to say when that will come.
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    ASX Li stocks were generally in good mood but no big move. Of the 73 stocks that I track, average gain was around 1.5%.
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    Overnight US Li stocks were generally in negative, average loss just under 1% though the ETF of LIT was in green.
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    What next:
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    As I have been writing, markets are at very indecisive state - neither bulls or bears able to take control. Yesterday's trading was typical of what is happening for some time - SP 500 finishing in only a very slight green at 4154. ASX too mirrored US trading with no major move.
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    So now there are clearly 2 camps who see completely different outcomes where the markets are heading. The bear camp still believe that we will go towards 3250 (+/-). They feel the economic conditions, banks falling, credit crunch, recession, sticky inflation, bad future earnings, etc will take us there. The second camp is people looking at what is happening. And what is that? The markets have held very well even with all bad news. We are still in Uptrend from October lows. The charts and indicators are still bullish - there is not much in charts which doesn't say it is very strong. So they feel there is less resistance is on the upside, with first targets around 4300/4350. So its clear its not easy to predict and seasoned people also have different views.
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    As I said, charts looking good. Its trying to do higher highs, moving above critical moving averages etc. So charts indicating we should go up. But there are some pecularities, dicrepancies and divergences which do not totally support this - like market led by around 10 tech stocks only, no market breadth in rally, smart money selling/dumb money buying, Dow and Transport not aligning, Risk-off sectors doing much better, etc. So again it adds to the confusion - just re-iterates its not easy to predict.
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    Lead indicators still doing well, especially VIX which is below 17. Sentiment is on very good Greed, about to reach Extreme Greed. Dollar Index too behaving. Yield have been erratic though and have again started making a move up. Bitcoin after getting a scare now back above 30k.
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    So what will happen tonight? US Futures in slight red. Asian markets also no clear direction like US/ASX. More earning reports - which to date has been decent to good. Some housing data tonight. Lot of Fed speakers this week to add to confusion. Difficult to say what will happen - but as long as 4100 on SP 500 is held, the odds of the rally continuing is good. Will that happen? Lets hope so. All the best.

 
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Last
3.6¢
Change
0.000(0.00%)
Mkt cap ! $370.5M
Open High Low Value Volume
3.6¢ 3.6¢ 3.5¢ $98.97K 2.784M

Buyers (Bids)

No. Vol. Price($)
69 10196047 3.5¢
 

Sellers (Offers)

Price($) Vol. No.
3.6¢ 5465066 56
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Last trade - 11.52am 01/07/2024 (20 minute delay) ?
SYA (ASX) Chart
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