wayward's - a bit peeved thursday, page-4

Not just BiggDaddy - but GrandDaddy, too. :) You're doing OK for a young fella.

In America:

Dow Industrials -0.23%
Dow Transports -0.49%
SP500 +0.02%
Russell 2000 -o.34%
Nasdaq100 +0.4%

Comment: A mixed night – Dow down a bit, Nasdaq up a bit, SP500 flat. Volume was less than yesterday but still at the high end of the recent range.

Yesterday I said: ”Now we’ll have to wait for the buy-the-dip-mob to make their appearance, and see just how strong or weak they are.” Well they came into work after lunch and sent the Dow 30 up about 50 points, bouncing the Index up off the 20-Day EMA. Nice Work – BTD Mob.

NewHighs/NewLows 63/19. NH>NL. The ratio of NH/(NH+NL) is at 76.8%. Out of the Do Not Sell Zone. That’s a sudden dip in the New Highs. Since the end of June, New Highs have only dipped below 100 on three occasions. Last night’s reading was the lowest of all. New Lows are still not a big worry.

Technical Comment on the Dow30:

The Dow finished at 13172.8. Support/Resistance: 13058.2/13269
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive.
RSI.9 is at 55. Positive but falling from a high overbought reading.
Stochastic. 79.9. Now marginally below the 80 level. Caution.
CCI.14: -21.3. Below Zero. Negative.

The medium term trend is up. The short term trend is down.

Bulls won’t be too worried until support at 13058.2 and the 30-Day EMA get broken to the downside. The chart remains in the Congestion Zone. This may still be a consolidation.

Industrial Metals and Gold both had good sessions again, Industrial Metals up +1.36%, US$ Gold , up 1.08%. Those figures might put a floor under our market today.

Yesterday, BHP released its report around 3.30. The stock had a volatile move up before the release, then gave it all back. It finished up 0.3% on the day. The media were all over the report like a rash. Take no notice of the media. It's the market reaction that's important.

Overnight, BHP Billiton was down -1.67% in London and up +0.3% in New York. Given that the Ozzie Dollar was up 0.3% against the U.S. Dollar – in AUD, that looks like a flat finish in New York. So don’t expect much to happen in BHP, or our market today. But – you never, never know in Stock Market Land.


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