28 October 2009 – Ouch!

ASX Commentary

28 October 2009 – Ouch!

Thu, Oct 29, 2009

The market was flogged convincingly today. It failed to show any attempt at a bounce, even a minor one. It was one way traffic. Even the Share Price Index futures failed to show its normal intra day volatility and failed to bounce in any form. A quick look through the second tier stocks does show closes well off the sessions lows but the same can’t be said for the majors. Another negative session will turn the weekly trend DOWN. With the daily trend DOWN we stand aside from any long trades and the Systematic portfolio automatically turns itself off. We’ll be looking for shorting opportunities in the coming week but specifically setups from low volume rallies.

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

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