Another Friday – another bad day. What is it with Fridays? If you’re wondering why its so hard at present, take a moment to consider that the market is net +7pts since September 17 – that’s 78 calendar days or 55 market days of basically trading sideways. No wonder false breakouts are rife. Is there any good news? The one highlight I will make, and I did note it the other night in the ASX-200 review, is that the indices are coiling in a large symmetrical triangle. This weakness today is the start of what should be the final leg of that triangle. So long as the lower boundary line at 4600 is not breached, then we are seeing what could be a decent springboard into Christmas and the New Year. Todays weakness turned the daily trend down, so defensive action will be taken. Also consider that tonight is US employment data which should (will) also be a market mover.
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