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Thursday 19th May, 2011

Thu, May 19, 2011

ASX Commentary

Weekly Trend: Down
Daily Trend: Down
Daily Momentum: ___ Flat

A solid day on our market today, the XJO posting steady gains from the open until lunch time, then riding a plateau into the close. It closed 62.7 points or 1.3% higher, its biggest one day gain since 20th April and did so on reasonable volume; certainly the highest volume for the week. Should the market continue to swing higher we may see the Growth and ASX Systematic Portfolios switch back on in the coming days or week. Three of the big four banks shrugged off yesterdays soft close after the Moody’s downgrade to post good gains. Westpac the odd one out only managing to close 0.4% higher. All sectors finished to the good, and gains were largely across the board. The Energy, Gold, Industrials and Information Technology sectors were the best gainers all putting on 2% or more. The Dow Jones put on just over 80 points overnight and at the time of writing the futures are flat in night trading.

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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