Yesterday's market action was positive.
The Nasdaq Composite gained 0.45% on average volume (Point A) indicating that institutional investors were buying.
Technically the Nasdaq acted perfectly, bullishly reversing after finding support at its all important 50 day moving average (Point B).
The Nasdaq's big brother, the Nasdaq 100 also behaved constructively, also reversing after finding support at its 50 day moving average (Point C).
Russia outperformed, global materials matched the market and India underperformed.
Leading stocks action was positive. Quite a few top rated stocks have recently broken out of bullish trading patterns, helping to confirm my belief that the market is experiencing a healthy and normal bull market correction.
The recent market activity is encouraging. The market continues to notch up days of 'good behavior' helping to increase the probability that the low the Nasdaq hit on the 4th June (Point D) will turn out to be the ultimate bottom of this present correction.
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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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