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Thursday 28th April, 2011

Thu, Apr 28, 2011

ASX Commentary

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

The Australian market once again failed to follow in the footsteps of the US, as per yesterday. Overnight, the US had a good night after some positive rhetoric from the Federal Reserve, which included reiterating that interest rates will remain low. As a result the market rallied and the Dow Jones closed over 95 points higher. A small-cap index, the Russell 2000 closed at record highs and the tech heavy Nasdaq closed at highest levels since early 2001. Our market finished flat after early gains were eroded during afternoon trade. For the record the All Ordinaries lost 1.7 points and the XJO closed up 0.1. The Australian Dollar continues its march upward, currently at 1.0919 against the USD. Despite some records being set elsewhere, our market is in a bit of limbo just at the moment with trade entry setups scarce across all portfolios over the last few days.

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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