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Monday 14th February, 2011

Mon, Feb 14, 2011

ASX Commentary

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

Any weakness in the market on Friday was completely reversed today. The XJO took off in the morning and held onto the gains throughout the day. The weakness on the Dow Futures and the AUD mentioned was reversed by morning after the events in Egypt and small gains posted on the major US indices. The Dow Transports posted another strong session, up another 1.3% and is close to making new recent highs. The AUD also recovered ground. This strength has followed onto our market today. the XJO closing up 1.12% or 54.9 points. Shanghai is currently up just over 1.9% and the Dow Jones futures up 20 at time of writing. The sector scorecard is all green today, the stars being the Metals/Mining, Materials and Industrials sectors as the market continues its current upward momentum.

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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