August 14 2009 – Friday squaring

ASX Commentary

August 14 2009 – Friday squaring

Fri, Aug 14, 2009

WARNING! Type-A Bearish divergence is now at play on the dailies. The market jumped out of the gate early in the session but dribbled off intra day. We managed to stay ahead by 28-points on the close but it wasn’t a good close by all accounts. That said it was a typical Friday close after a strong week. Not only has it been a solid performance in the last few days but it has been July 8th. It may well be that we saw some position squaring into weekend meaning that if the US holds firm tonight we’ll see renewed strength again on Monday. Its over extended but we can’t fight it.

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

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