Yesterday's market action was positive.
The Nasdaq Composite pushed higher gaining a further 1.2%, helping it to break through its 50 day moving average. What made the move particularly sweet was that it came in with higher volume. Trade was also above average levels indicating aggressive institutional buying.
The Nasdaq 100 and the S&P 600 also managed to get back above their all important 50 day moving averages, another positive to add to the table.
India, and Russia slightly underperformed and global materials outperformed. Leading stocks acted well.
I remain extremely impressed with how the market has been behaving since it found a bottom three weeks ago. After yesterday's strong break above a key area of resistance, the probability that we hit a bottom on the 4th June is fairly high. The objective now is for the indexes to stay above their 50 day moving averages.
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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