Turnaround Tuesday 21st October, page-2

JV - you might feel horrible. You might look horrible. But - at least you got the cranker up.

XJO up +0.9% on low volume.



The market’s been up five days in a row off very oversold conditions. Momentum indicators have plenty of upside room, but after five days up, it’s probably time for a rest before the next leg up.

Apart from the number of days up (five), there’s not much to be concerned about in today’s action. A/D Ratio was good, AdvVol/DeclinVol was very good.

Defensives were amongst the worst performers today. Suggesting a switch out of the defensives into more cyclical, growth oriented stocks.

I wouldn’t be surprised if we see a couple of slow days now, before the next leg up. Then we might have a serious think about direction.

Redbacka