XJO 0.99% 7,896.9 s&p/asx 200

In America: [IMG] Nasdaq Composite +1.6%. New York Composite...

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    In America:



    Nasdaq Composite +1.6%. New York Composite +1.09%. Russell 2000 +1.79%. Dow Industrial +1.32%. SP500 +1.23%.

    Wednesday’s market was rattled by news of terrorist activity in Canada. That was forgotten today. A blip occurred in the market in the afternoon when news of a possible ebola case was found in New York. That knocked the top off a very strong market – but really – it was just a blip.

    The negative events of the past two days have got to the nervous nellies – but the market has a lot of power behind it. Nasdaq today recorded the third Trin reading <0.5 in the past four days. 5-Trin (cumulative 5-Day Trin line) on the Nasdaq is now down to 3. That's an extraordinarily low reading. Buyers will have to run out of ammunition soon, but there's no sign of it yet. A few jitters are appearing, but no sign yet that the bears might return.


    Here's the detailed S&P500 chart:



    The chart is getting back into a congestion zone and close to the 50-Day and 100-Day MAs. Those factors are likely to slow this drive higher. Indicators are still nowhere near overbought, so this might have plenty of legs yet.

    Commodities:



    CRB Index up +0.77% after a strong move by Energy +1.74%. Despite that strong move, Energy remains in a sideways consolidation. Industrial Metals Group flat -0.07%. Copper up +1%, but other metals were generally down. Iron Ore had a big fall last night, down -1.9%. It is now back to $80. GLD -0.69%. Despite that, Gold Mining Index in America (GDX) was up +0.59%. It’s showing a lot of stickiness at a major support level. That’s a good sign.



    Good performance by GDX today, despite the fall in the Gold Price, suggests this could be a double bottom.

    OZ stocks in NY:

    BHP -0.41%. Rio -0.57%. Westpac +1.43%. ANZ +0.78%. EWA +0.53%. Ozzie Dollar -0.23%.

    We’ll see some divergence today in the indices – but the Financials should power on up today. They’ve been up seven out of the past eight days. Today looks like eight out of nine.

    Amazon reported after-hours. Down about -11%. That might put a dampener on sentiment today.

    Redbacka
 
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