Economic data again favoured the bears with a 125-pt selloff in the Dow Jones on release of the Purchasing Managers Report and mortgage applications. Both were weaker. We again have more data to be released tonight followed up on Friday by the big one; non-farm payrolls. Last night was also the end of the quarter and what was supposed to be a seasonally weak month. That theory was thrown out the window but today is the start of October. Again, seasonally supposedly a challenging month for the bulls. The daily momentum has been in the down position for a week or so meaning the market is struggling to gain traction, possible the first sign of a rollover but yet to confirm with price. We’re watching the Dow Jones Transports for decisive clues but nothing showing its hand there as yet.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
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