This morning after one hour of trading, XJO is up modestly +0.25%. Trading is jerky ahead of the inflation data out later today. Miners are leading again. Lithium miners are rebounding from their sell-off and iron ore miners are also doing well. The market remains unbalanced with three sectors up and eight down.
Overnight in the U.S., the Dow was up for its 12th day in a row.
Dow Jones only just made it into positive territory +0.08%. SP500 +0.28%. Nasdaq +0.61%. Mid Caps +0.19%. Small Caps -0.07%. Banks -1.61%.
The recent rise of the Dow has seen rotation out of Tech. and into Industrials. That now seems to be switching the other way with the Nasdaq now taking over leadership.
SP500.
SP500 is in a short-term consolidation. The trend remains up. Stay with the trend.
Commodities.
Commodities Index +0.37%. Energy +0.28%. Base Metals +2.18%. Agriculture +0.04%. Golda +0.56%.
CCI on the Energy (DBE) shows a clear negative divergence suggesting that the Energy market will fall.
Inflation figures due at 11.30 a.m. XJO jumped at the news and is now up +0.7% (11.50), Seven out of eleven sectors are now up. Healthy. Looks like the RBA will be on hold at its meeting next week.
No comments:
Post a Comment