| Weekly Trend: | Flat | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Up |
Big reversal day for the ASX today and continues to hint at our thinking that a near term high has been put into place. Over the course of the day the market reversed its early gains and dropped 2.1% on high volume. One of the markets favoured stocks, TOL, usually associated as a safe haven investment, was slammed almost 18% after missing guidance. Indeed it ranks as the largest single day fall since it was listed in 1993 – a lot of damage here. The markets around Asia also dived as political and social unrest erupted in Greece. As mentioned in the last few evenings, Greece is possibly a trigger for Euro-contagion concerns and may be the central reason a major selloff is not far off. We’re sticking with short side plays on the ASX even though momentum has picked up in the US.
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