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Friday 6th May, 2011

Fri, May 6, 2011

ASX Commentary

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

Our market fought back in morning trade from losses on the open. It then drifted for the afternoon into a placid close. The XJO down 10.7 and the All Ordinaries down 12.8 points for the day. This resulted in the XJO being down 1.7% for the week. Sectors were mixed; the Health sector the strongest for the day, up 1% and the Gold and Metals/Mining were the weakest, down 2.1 and 1.7% respectively. Our dollar made up some ground today amid speculation of an interest rate rise sooner rather than later. It has a bit of ground to make up from the previous three session though and is trading at 1.0675 at the time of writing. Overnight, the Dow Jones closed down 1.1% after worse than expected jobless claims data. This comes ahead of tonight’s release of the official unemployment rate data which is often a market mover.

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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