A great performance today no doubt about it. The market posted its highest closing print since the March lows and managed to close firmly. Our divergences remain in place but the fact that the trend has not reversed does bode well for the ongoing argument for higher prices. Our concerns where that a sharp reversal would ensue. Not to be, at least not to date. The divergences remain in place but daily momentum managed to tick higher today to the FLAT position. We’re not arguing with the trend. We’re keeping positions in the long side and allowing the market do what it wants to do. I continue to keep my hedge on but positions have outweighed its losses to date. I’ll assess the US tonight after its long weekend and also how it trades on its first session after the formal summer holidays completion.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
Tue, Sep 8, 2009
ASX Commentary