Yesterday's market action was positive.
Friday was options expiration day which means trading volume levels were skewed. This occurs every third Friday of each month and when this takes place, we like to focus solely on price action.
The Nasdaq pushed higher gaining a further 1.3% and closed out the day at 2872. That push helped it to edge closer to 2883; a level which in the past proved to be an area of resistance. If the US tech index can cleanly break above 2883, it would be another clue to say the market has most probably found a bottom.
India, global materials and Russia outperformed. Leading stocks acted well.
In summary I remain extremely impressed with how the market has been behaving since it bottomed on the 4th of June.
Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in the Funds should be considered a long-term investment. The value of the investment can go down as well as up and there is no guarantee that you will get back the amount you originally invested.
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