| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
Global markets were thumped last night on back of ECB concerns. Metals and commodities were also punished with many key technical levels being broken. Volume was huge. Many commentators are suggesting that we’ve started ‘the big one down’ – that is a wave-3 impulse that will see those March lows come into play. Not my line of thinking. The TV talking heads suggest this is the sell-off we had to have and brokers are suggesting it was always coming. I guess it always is…but why do they tell us after the fact? There are some interesting information on the charts so we’ll be taking a close look at the ASX indices tonight in the chart research area. We’re holding shorts at present, one or two of which were a little resilient to the weakness. Tonight is the big one in the US with Employment data. Was last night pricing some bad news in perhaps?
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Fri, Feb 5, 2010
ASX Commentary