Just Buy The Dip. Friday Morning Joe. 27 March, 2015
American Major Indices:
SP500 -0.24%, Dow Industrials -0.23%, Nasdaq -0.27%, Russell 2000 -0.15%, New York Composite -0.3%.
Last night, the Dip Buyers were out. The market was well down early in trading but rose into positive territory in the early afternoon. A bit of selling came into the afternoon to take the numbers back into negative territory.
Here’s the detailed chart for Dow Jones Industrial:
Last night, the Dow dropped below dual support (oblique and horizontal) and then recovered. The candle is a bullish reversal candle. It needs confirmation with a big up candle in the next session. After four days down, some upside can be expected. So far, the short term trend is down, the long term trend remains up, and the medium term is in limbo land. If dual support is broken in the next couple of days, we're likely to see more down side.
Commodities:
DBC (Commodities tracking ETF) +1.21%. DBE (Energy tracking ETF) +3.18%. DBB (Industrial Metals tracking ETF) +0.72%. Iron Ore -1.3%. Precious Metals +0.67%. GLD +0.65%. US$ +0.35%. Commodities up despite the US$ also being up. Something's out of kilter.
Oz Stocks in NY:
BHP -1.03%. Rio -1.34%. Westpac -1.38%. ANZ -1.83%. EWA -0.96%. Ozzie Dollar -0.18%. Those falls more or less follow what happened in Australia on Thursday, so not much help.
Today? Don't know. Probably up a bit. What happens here might be a pointer to NY tonight.
Redbacka.
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