Chart Watch 2009-03-02

 

 

XAO - All Ordinaries
The All Ordinaries closed down 96.4 points to

3200.5 (-2.92%), on news US the economy shrank at its fastest pace in more than a quarter of a century. 

The low for the day was 3190.7, the lowest level in 5 years.

The RBA board will hold its monthly meeting tomorrow, with some predictions of another 100 basis points cut.  Wednesday figures will be released showing if the Australia economy shrank or not in recent months.  The government is hoping the stimulus package in December and another looming in March will prevent a large contraction.

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Rate Cut Expected

Looking forward to the rate cut later this today . Tips have ranged from 1% up to a high of 1.5%. Michael Pasco discussed the possibility of 1.5% today with Mel and Koshie on Sunrise.

Trading has been slow of late with my work, website freelancing and family commitments ramping up. BRM and TAP are to recent pullbacks that I'm on and both have been a little slow. BRM had a good day yesterday so hoping it will follow through.

Enjoy the rest of the week and lets hope for a substantial rate cut today.

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