On Friday, a CNN News item said that AMBAC (a major US mortgage insurer) might be taken over by 'a bank'.
The Dow Jones immediately shot up, as did the ASX200 (by about 90 points).
This has resulted in the local ASX market initially following suit,and adding another 50 odd points ,but is now somewhat hesitant.
Is the US market so grateful for a bit of 'good' news that it will act so positively? And how much of the present volatility is due to shorting/manipulating ?
The ASX 200 has been ranging/consolidating for some time now, and if you are an Elliott Wave enthusiast, you would be saying that the present situation is a consolidation phase in Wave 4, and that Wave 5 will/should take the 200 up to 6500-7000, sooner or later.
Only time will tell.
ugly, page-3
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$63.67 |
Change
1.390(2.23%) |
Mkt cap ! $12.34B | |||
| Open | High | Low | Value | Volume |
| $62.49 | $63.77 | $62.27 | $21.65M | 341.4K |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 31 | $63.62 |
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| Price($) | Vol. | No. |
|---|---|---|
| $63.74 | 41 | 1 |
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