zia's obladi oblada tuesday, page-41

In Australia:

Twenty Leaders +1%
50 Leaders +0.9%
XJO +0.9%
Small Ordinaries +0.5%
Financials +1.3%
Materials +0.3%
Comment: A strong day on volume better than yesterday. The volume today was still low by the standard of the 20-Day Average – 87.5%. A lot of punters still don’t believe this rally. That’s probably a good thing at this stage. Breadth was iffy. Financials were strong today – Materials were relatively weak. That doesn’t look good for tomorrow.
Technical Comment on the ASX200:
The XJO finished at 4140.8. Support/resistance: 4025/4140 (round figures).
Indicators:
Stochastic: 59.4. Above its signal line. Positive.
RSI: 59.2. Positive.
MACD Historgram. Marginally below zero. Positive.
MACD: Above zero. Positive.
CCI: +42.3. Positive.
Medium term trend is up. Short term trend is up.

Although the trends look positive, this market needs to prove itself by, once again, rising above our old friend 4140. A lift above that would be bullish.

We’ve had three days up. We’re at resistance. Breadth was poor today. Materials lagged the general market. I think we’ll have some consolidation for a day or two.

Uncle Benny talks tonight. Some will be waiting expectantly for word about QE3. Doubt it will happen - the "word" that is.

Redbacka