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 on the other side of the planet? They usually don’t take too much interest in what’s happening over their back fence. If the re is follow through then we would expect a flight to quality to US Dollars and therefore see pressure come into commodities and in turn the ASX. The markets have been fickle in the last several months, more or less range bound. We’ve had concerns about the divergences for a number of months so now it may well be ‘make or break’ time there. The weekly trend flipped to DOWN today so really there is no reason to be looking at long trades. We’ll be scouring the charts for patterns over the weekend but awaiting the US response on Monday. From then we’ll have a better idea on which way to lean.
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