Semage - the mid-cap 50 (the bottom 50 stocks in the asx100) is currently up +0.6%.
That gives you a fair idea of what's happening in our market. None of the big four banks are in the mid-cap 50. In fact, they are all in the Twenty Leaders (the top 20 stocks).
Twenty leaders (XTL) is down -0.4%.
Only two sectors out of 10 are down today. Financials -1%. Telecoms -0.4%.
So - is out market down today. Depends on how you think about it.
Financials had it coming. This was not an 'if' but a 'when' - and the 'when' was today.
I'm not surprised that the Financials are down - they've been up 11 days in a row. Seven days up in a row is rare - so 11 days up? go figure.
I am surprised at the ferocity of the attack on Westpac. Currently down more than -2%. There's no particular news event to cause that. Technically it was way overbought - yesterday's RSI.9 was 78.7. Once the RSI.9 gets over 78 - a sell-off occurs. That is what seems to be happening today - but - it does seem a bit heavy-handed.
Redbacka
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