12 November 2009 – Weak close

ASX Commentary

12 November 2009 – Weak close

Thu, Nov 12, 2009

A poor close today with the market just showing a little tiredness after its recent run. We must remember that the ASX, like the Dow Jones Transports, has put in a lower low. A swing below last weeks lows from here is a very negative signal and certainly one that portends a larger decline. It may well be that we’re also entering a broader range of consolidation before embarking on a Christmas rally. The daily and weekly trends remain up so we’ll keep going that way but I continue to stress caution.

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This post was written by:

Nick Radge - who has written 898 posts on The Chartist.

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