| Weekly Trend: | Neutral |
|
| Daily Trend: | Up |
|
| Daily Momentum: | ___ | Up |
The ‘talking heads’ will tonight discuss another upward day in the market but underneath it was a weak performance on two fronts. It closed weak, albeit in positive territory, and secondly strength was limited to a handful of larger cap stocks. Our main exposure has been in the Small Ordinaries which underperformed today, but lets not forget that the last week has been a solid rise so some pause is to be expected. We’re still in the US reporting season and it will continue to dictate near term price action. Whilst we do expect some near term strength I think its now getting limited based on our projected targets and momentum very much overextended. Some pause here is warranted.
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Tue, Jul 27, 2010
ASX Commentary