XAO - All Ordinaries
With a close +38.30 (+1.12%) yesterday, the All Ordinaries has closed on the November-February trend line. 50MA also resistance at this level with a break targeting 3700.
No lead from wall street over night with the DOW, NASDAQ and S&P 500 closing flat as investor wait for Washington to decide their stimulus package fate, like the Australian.
Below is an image from The Wall Street Journal that shows the data glitch that occurred, causing the sell off to look more dramatic then it really was.
The US market revived as Federal Reserve Chairman Ben Bernanke soothed markets, increasing investor confidence at least for the short term. China, The Dow, S&P 500 and Nasdaq Composite Index were all up yesterday and the ASX is expected to open higher following these recoveries.
"Strategists expect a correction of between 5 and 10 per cent over the next four weeks - similar to that in May and June last year - but emphasised the market's bull run was far from over because the fundamentals remained intact." SMH
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