The big news today was the RBA tightening rates again for the 3rd consecutive month. This has never been done in history and the market took it well by closing off the sessions lows. The last 2-days has seen the daily trend flip back to UP but really since mid-September the market has moved in a sideways band making trading difficult and frustrating. Success comes to those that have the patience to weather the sideways movement. Looking at the XAO chart we do have a large symmetrical triangle. An upside breakout portends a move to 5200. Perhaps this is what the Christmas rally will be all about. With the daily trend now up we can see some Systematic setups coming back into play. I will be playing these until I take leave.
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Tue, Dec 1, 2009
ASX Commentary