Archive | November, 2009
30 November 2009 – The US Shrugs…
On Friday we wanted to know how the US would react to the Dubai crisis. We acknowledged that ‘usually’ the US shrugs off international issues. Whilst the US is still not on full power after its Thanksgiving break, we do seem to have an answer – that is, they shrugged it off. Europe rallied hard [...]
Continue reading...27 November 2009 – Weekly trend down
27. November 2009
The $64 million question is how will the US react to the goings on in the last 24-hours? It was a holiday last night and only a half day session today. Chances are those that really matter will be taking a long weekend and will not return till Monday. Will they shrug off what happens [...]
Continue reading...26 November 2009 – Directionless ahead of RBA
26. November 2009
A weak day but lightly traded volume as the US heads into Thanksgiving tonight. All US markets are closed and its a half day session tomorrow in the US, so all in all a long weekend. More dull trading expected for the local market. Gold has continued its surge on back of a weakening US [...]
Continue reading...25 November 2009 – Thanksgiving
26. November 2009
The gap between the Transports and Industrials closed a little last night. We have a significant line of resistance in the Transports, that of breached will be an extremely bullish development. I’d need to see that happen before getting too carried away with the expected Christmas rally. Also on a positive note the continuing decline [...]
Continue reading...25 November 2009 – Quiet ahead Thanksgiving
25. November 2009
A very quiet day again with the market popping higher. Chart patterns on the XJO are quite interesting and point to some near term strength, maybe even a retest of the recent major highs. We’ll look into that in more depth tonight in the ASX Chart Research area. Bigger picture we still feel some broader [...]
Continue reading...24 November 2009 – Still watching divergence
25. November 2009
The Dow Jones Transports continues its ‘non-confirmation’ of recent strength in the majors. This stays as our main concern. The Transports have reversed off a clear horizontal line of resistance three times. An upside breakout would be super bullish, but whilst price meanders below diverging from the big name indices we are not satisfied upside [...]
Continue reading...24 November 2009 – Losing momentum
24. November 2009
The market was dragged lower by the banking sector after news that one of the largest rights issues ever will be placed in the UK. The banking sector was already vulnerable because of the ‘sell banks, buy resources’ switch that we’ve mentioned over the last few weeks. From the early highs the market dropped 78-points [...]
Continue reading...20 November 2009 – I Stress Caution
20. November 2009
A low volume selloff today but enough downside to flip the daily trend to DOWN. This means that the systematic portfolio will defend open positions and stop issuing new buy signals. The All Ords is either meandering in a larger triangle or has put in a ‘lower swing high’ pattern. Conformation of the latter is [...]
Continue reading...19 November 2009 – Pullback
20. November 2009
The major indices dropped from the open, the Dow falling some -165pts before regaining some ground and closing off the sessions lows. The broader indices, including the Transports, fell about double. These broader indices, out to the Wiltshire 4000, are yet to make it into new highs territory, but they giving it ago. At this [...]
Continue reading...18 November 2009 – Second weak close
18. November 2009
Yet again the market firmed on open but slid through the balance of the day. This is the second straight session where early gains have been unable to hold. Many of the broader US indices are trying to punch up into new high ground, so it could be that traders are feeling more consolidation is [...]
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30. November 2009
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