October 7 2009 – Australia leads the world

ASX Commentary

October 7 2009 – Australia leads the world

Wed, Oct 7, 2009

Global markets rallied hard on back of yesterdays Reserve Bank rate hike (this is probably the only time Australia has wagged the dog that I can remember) with many investors taking it as a sign that recovery is not only in the pipeline but is well along the route. Gold and commodities shot higher as well, but this momentum must be sustained. Todays strength took our daily trend from FLAT to UP again, but momentum remains in the DOWN position. I have added some new buy recommendations but suggest one treads carefully until upside follow through is confirmed.

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This post was written by:

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

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