SPI200 Commentary
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SPI had a strong day Monday as it started low, made new highs and finished near the highs. It seems the XJO is acting very independently to other equity markets around the world and showing lots of strength while others continue to trade sideways. This could be from decent flows from overseas as the AUD is weaker and the relatively higher yields here are attractive. Whatever the reason the XJO is at fresh highs and looks likely to reach the 6000 level. There was a big move on BHP late yesterday on the back of an activist investor taking a stake, so it will be interesting to see if that continues today. In London BHP gapped up but fell away into the close. So with the XJO at fresh highs the most likely move is some continuation, followed by consolidation at these highs. For todays trading I am looking to buy dips around 5880 and sell rallies around 5920
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SPI200 Commentary Follow or Fade! SPI had a strong day Monday as...
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Last
7,896.9 |
Change
77.300(0.99%) |
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Open | High | Low |
7,819.6 | 7,901.2 | 7,819.6 |
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