24 August 2009 – Great catchup after Friday

ASX Commentary

24 August 2009 – Great catchup after Friday

Mon, Aug 24, 2009

We stated on Saturday morning within the US Power Setups comment that Australia would have a significant day of playing catchup. We weren’t disappointed. China had closed the day higher after the ASX closed and then the US came through with some more positive data and away we went. The Chinese markets had another strong day. Todays strength turned the daily trend back to UP from FLAT and quite frankly it looks like the same kind of price trend we saw off the March lows – one or two negative sessions before buyers stormed in and took price higher. You can’t fight the trend and todays action looks a lot healthier than what we were exposed to just a week ago.

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Nick Radge - who has written 545 posts on The Chartist.

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