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Friday 29th April, 2011

Fri, Apr 29, 2011

ASX Commentary

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

A poor performance on our market today to finish off the week and the month. The XJO closed down 1% or 49.8 points after early losses took hold. It could have been worse. After being down just over 78 points on the day’s low, late afternoon trade saw the index claw back 20 points or so. Volume was the highest since the lows in mid-March. The Energy and Health sectors were hit hard, down 2.5 and 2% respectively. Others to feel the pinch included the Gold sector, down 1.8% and the Materials and Metals/Mining sectors which both closed 1.5% lower. For the month, the XJO ended down 14.64 points. Our dollar remains strong against the Greenback, trading at 1.0917 at the time of writing. The US futures are currently pretty flat in night trading.

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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