XJO mugged by the RBA at 2.300 p.m. today. XJO finished down -1.2%.
At 2.30 p.m just before the RBA announced its interest rate decision, the XJO was down a little. The RBA decision to raise interest rates again (+0.25%) put the XJO into a precipitous dive.
Only one sector escaped the carnage - Utilities (XUJ) up +0.54%. I guess people won't be turning off their heaters as winter descends upon us. But Discretionary Spending will be cut back, again. XDJ (Discretionary) was the worst hit sector, down -2.16%.
Industrials (XNJ) was the next worst sector, down -1.56%. Does that suggest our national economy is headed for recession? Maybe.
Information Technology (XIJ) didn't fare too badly, only down -0.19%.
But Health Care (XHJ) was hit, down -1.39%. Do people spend less on Health Care in order to pay their mortgage. Probably.
Looking at the chart, however, it remains in a sideways movement, held up by the 200-Day MA and restrained by the 5-Day and 30-Day MAs.
While the XJO can hold above the 200-Day MA, there's room for a little optimism.
Not much coming out of Europe, STOXX600 down -0.11%.
American Futures are also docile, but leaning to the down side. DJ Futures -0.14%. SP500 Futures -0.09%. Nasdaq Futures -0.02%.
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