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Wednesday 30th March, 2011

Wed, Mar 30, 2011

ASX Commentary

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

Solid gains were the order of the day today as some movement came a day or two earlier than I expected. Expect the unexpected! Our market opened and never looked back until some easing in the last hour and a half or so of trade. This resulted in the XJO putting on 1.4% or 66.4 points. This has been a very swift reaction to the sell off earlier in the month. The sectors were all green with the best advances coming from the Gold, Materials and Metals/Mining sectors – all up over 2%. The Australian Dollar has also had a reasonable day, seeing new record highs against the USD. Today’s solid gains were enough to turn both the daily and weekly trends up. Also, we see the ASX Systematic and Growth Portfolios switching on today to take buy signals once again.

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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