Originally posted by paddington bear
This is the seventh trading day that the S&P has been locked in this tight band. It might roll over here and commence the next leg down of the bear market but I still think it looks like it wants to have one more little move higher. Just have to give it time to make up its mind
But what was really amazing overnight was the continued move higher in gold. However, we have now pulled back up under the top formed in early 2018 where I expect it to starting experiencing very heavy resistance. So looking for a correction from around here.
Not many other features in commodities that jumped out at me. US dollar little changed but the Yuan was a smidgen stronger. Been up for five consecutive days so due for a bit of a correction and likely to take gold with it.
The front end of the iron ore market was stronger again. However, investors in Brazil decided that this was nothing more than a slight glitch and ploughed back in again. In fact Vale was the second highest volume on the NYSE and rose 2.5%.
Our market did well to hold its initial support in the XJO yesterday. Our major miners were helped by the disaster that had occurred in Brazil that had caused a big rise in iron ore. However, it was XGD that scored the biggest rise as gold traded above $1300. However, as I have mentioned before, despite the stunning move in gold, I anticipate that XGD is going to meet quite a bit of resistance around the recent high. But happily, I believe that eventually it will overcome this resistance and by a huge margin. But one step at a time.
Our banks were an absolute drag again yesterday as investors worried about the forth coming release of the Royal Commission.
bit of rain here so day of season is dragging on a bit this year looking for an entry into CVN looks in a good spot jmt
(20min delay)
