| Weekly Trend: | Down |
|
| Daily Trend: | Up |
|
| Daily Momentum: | ___ | Up |
The market continues to probe higher with most ‘trend’ activity coming from the Small Ordinaries resource sector. The Systematic Power Setups are slowly adding positions as strength unfolds and many of these are smaller resource companies. Obviously the ‘great unknown’ is whether or not this momentum be sustainable or whether it will fizzle out again. My personal opinion is that it will fizzle again in the coming week or two. That said, the leading equities analyst at UBS is calling for a strong close to the year. Whilst I agree with a strong close, and a strong 2011, I feel we’ll be coming from a lower level than currently being offered. Daily trend and momentum are up. Another few days of this strength and the weekly will also turn higher.
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