The Australian market today did the opposite of the American last night. The Americans opened strongly and then went cactus. The Australian market opened weakly and then finished whooshka.
I noted yesterday that the Ozzie market was looking good (for a variety of reasons). Today it opened on the downside, following America, but the previous day’s optimism cranked up – and up it went – and how. XJO up +1.34%.
Utilities was the only sector on the negative side, -0.1%.
We continue to see rotation into the Financials, which were up +1.7%.
I saw today a great endorsement of this reversal. The amount of money flowing into STW (ETF for the XJO) in the last hour, was extraordinary. This is dominated by Institutional Investors who are the controllers of the market’s destiny.
The STW shot up at an enormous rate in the last hour. A short squeeze is definitely underway.
RB
The Australian market today did the opposite of the American...
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