29 July 2009 – Catching its breath

ASX Commentary

29 July 2009 – Catching its breath

Wed, Jul 29, 2009

A day for the market to catch its breath which, as I have been alluding to over the recent few days, is a positive sign. Markets only get more dangerous the quicker they rise, but when they meander higher the gains are more sustainable. I would suggest todays weakness will continue for the next week or so as domestic earnings start coming out. They peak in mid-August and after recent gains a few profits may be being banked. As such I will take it easy on new recommendations. If we can see some weakness we’ll lock in profits on existing trades and gain a new group of setups for the next leg higher.

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This post was written by:

Nick Radge - who has written 899 posts on The Chartist.

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