July 22 2009 – Holding the highs

ASX Commentary

July 22 2009 – Holding the highs

Wed, Jul 22, 2009

Even with the surprise announcement by NAB about bad debts and further capital raising the market held itself together remaining in touch with the range highs. This buoyancy continues to extend from the US gains on back of their earnings.Over the last 3-days I have highlighted the read alert bars, so we’ll cover that in some depth during tonights ASX-200 (XJO) review, needless to say that today is the third consecutive red bar, where 5 or more are considered overextended. However, the trend is what it is and the strength into reporting season is a positive sign.

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Nick Radge - who has written 899 posts on The Chartist.

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