Guys,
Don't think anything that happened yesterday or today had anything to do with stars, market profile or whatever. POMO is the keyword.
If you sit on a $US trading account and you know that the US markets are going to rise, what are you going to do ..... you buy Oz stocks. Because not only does the market open up higher the next morning, so does the currency. You get a lot more bang for your bugs.
Now .... how do you know the US is going to rise????? Well, because Ben is your friend.
Have a look at this:
http://www.zerohedge.com/article/tradition-mindless-stock-ramping-fed-pomo-days-back
So yeah .... this is what happened .... and hence the sell off today.
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Last
8,580.1 |
Change
-9.100(0.11%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,589.2 | 8,619.8 | 8,568.2 |
| XJO (ASX) Chart |