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Friday 13th May, 2011

Fri, May 13, 2011

ASX Commentary

Weekly Trend: Down
Daily Trend: Down
Daily Momentum: ___ Down

The market lost more ground in morning trade and after putting in a double bottom around lunch time fought back to close with small gains. It had to fight for it though as trading was choppy. At the close, the XJO was up 15.3 points or just 0.3% for the day, ending the week down 0.7%. This makes a four week decline since the early April high. Most sectors struggled into the black, the exceptions being Consumer Discretionary, Gold and Information Technology. The strongest sectors for the day were Industrials and Property Trusts in a very lack-lustre session. In the US overnight the Dow Jones and S&P500 put on 0.5% and the Nasdaq 0.6%.

About the Author:

Nick Radge has over 25 years’ experience in the financial markets. He is Head of Research & Trading at The Chartist, manages money using active management strategies and consults to various financial planning, stock broking and accountancy firms. He can be found on Facebook, Google + and on Twitter.

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