Morning Report Friday 20 June 2014
The ASX200 rallies 85 points: Am I wrong & are we going up?
A sad day as both Australia and England look to depart the World Cup, my 3 year old son, Harry and I now have to find a new team to support, any ideas?
Yesterday saw an explosive rally as all the stars aligned for the market from Iron Ore holding in the $US90/tonne area, to Janet Yellen speaking for the US Fed Reserve, implying rates will stay lower for longer. The turnover was noticeably low for such a large rally, but there appeared to be an absence of selling, with the Financial Year end approaching, this may occur again. After days like yesterday, it’s very easy to throw in the towel and become bullish, however, the prudent thing is to stand back and look at the pieces of the puzzle we have in the picture since I turned negative back May.
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