Chart Watch 2008-12-08

XJO - ASX 200



After a good lead from the US (DOW, S&P 500 and NASDAQ all up over 3%) shaking off some negative job data, our market has followed through with a 4% gain, also shaking off the ANZ job ad numbers. XJO ended the day at 3631.60 (up 4.06%).

Some other of the negative news out today which the market seemed to ignore include;
BHP may require to cut iron ore production
RIO could cut thousands of jobs
Harvey Norman (HVN) warned some of its stores could close

Trends*
Long Term - Down
Intermediate - Down
Short Term - Up

*10MA, 30EMA and 200MA used to determine trends