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IDS World Markets Tues 20th April 04


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All Ords currently +0.2% and lurching sideways to up in a drunken sort of way. Seems like the bullz intent on challenging recent all time highs but there's a lot more red evident on the screen today so the arvo might see a change of intraday trend. Banks being bought today with even NAB and its profit warnings managing flat status.

 

Golds: Newcrest +2% and Lihir +1.7% but Newmont in the red, -3.2%. Oils mixed on low volume.

 

Nikkers jumped on open but giving some back now, +0.5%. Singers +0.7% and Taiwan +1%.

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Whoa, monster push into close which left us pretty much at the day's high and only 6 points away from the all time closing high April 7. All Ords finished +17.5 (+0.5%) on good volume with lots of large parcels going thru on that last burst.

 

Golds hung in with Lihir and Newcrest closing up but Newmont couldn't shake the red, -3.2%. Oils waffled around, nothing exciting happening on those.

 

Nikkers doing a giant surge, +1.6% and actually managing to penetrate the 12k level but we'll see if it holds. Sth Korea also way up, +1.8%, Singers +0.7% and Honkers +0.1%.

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Up here too,Aussie.Another 2 point gap open and that after the index was pumped in the last hour of trade yesterday by 2 points.

Seems that some market participants couldn't stand the idea of the maket falling below its little uptrending channel.So they need to hold 354+ to keep it in!

 

Another TA and EW guy I look at seems to think that we lose 10-15 points from here soon and then a blast upto the highs 366 before the whole pile implodes to far below 320.But when is the question.

 

Looking at a load of charts posted yesterday on M2M by 2Floaters,it would appear that we are going up again.Now the bonkers appear to be turning back up--watch out above especially here(35% of index weight).

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