ASX was going great guns this morning, up >1%. Then the RBA minutes landed around 11.30 a.m. and the market dropped like a stone. XJO finished up +0.41% - down about -0.6% from its high.
XJO remains in consolidation at the top of its counter-trend rally. Today's action was disappointing to say the least.
IT was again the best performing index, up +1.33%.
The retailing sectors were both negative with Discretionary -0.26% and Staples -0.14%. Probably both fell as a result of the RBA minutes (hawkish).
Health -1.21%, remains in the Critical Care Department (pardon the pun).
Real Estate wasn't phased too much by the RBA, up +1.12%.
Here's the chart for VAP (ETF for Real Estate).
Notice how spikes in Volume tend to initiate changes in trend.
Currently, Volume is very low - the chart is barely moving.
Until tomorrow. Good luck.
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