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Thursday 3rd February, 2011

Thu, Feb 3, 2011

ASX Commentary

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

Some more upside for the market today with a little follow through from yesterday. The XJO closed at 4820.6, up 24.1 points (0.5%) for the day. It is now taking another look at new recent highs, ready to challenge that of January 19th. Overall price action remains choppy and range-bound with no decisive short term trends to speak of so far this year. We continue to add long trades to the discretionary setups and a few signals are starting to generate with the systematic trading, but so far the new year has brought nothing but challenging trading. The Dow Jones and Australian Dollar both had quiet nights. The dollar still holding above parity against the Greenback, currently at 1.0106.

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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