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Tuesday 15th March, 2011

Tue, Mar 15, 2011

ASX Commentary

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

Panic selling has hit world markets after a nuclear blast and radio active detection in Japan. The Nikkei is down over 10% at time of writing, following 6% losses yesterday. Shangai is currently down 1.4%. Dow Jones futures are currently down 278 points in night trading and the Nasdaq futures down 64 points. Europe futures are also down heavily. On our market today the XJO closed down 97.7 points or 2.1%. Needless to say the sectors are not pretty either. Energy, Gold, Information Technology and the Metals/Mining sectors took the brunt – all down 3% or more for the day.We have added three discretionary trades tonight for aggressive traders only as they are clearly against the trend.

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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