The Australian market has had an upward breakout from around a 9 month consolidation period. As usual I like to keep things as simple as possible, so I have posted below a monthly chart of the Australian top 500. This simple line chart in a monthly time scale reduces the "noise" our minds create about the market, clearly showing the major trend, which is up.
Viewing the same chart you can also see the downtrend line I have drawn on the volume bars. Volumes have increased the last few months, matched with rising prices, indicating buyers dominate. I did discuss this phenomenon in my last newsletter way back in April, keen readers can click on the link below to re-read that article.
For a closer look at the markets, above is a weekly chart of the top 500. The breakout is clear, price could come back to the support line, or even below the support line, but whatever happens over the next few weeks the big picture looks strong.
Next speaking engagement
I will be speaking at the ATAA in Newcastle on the 9th of December featuring 3 topics.
A review of the eBook systems performance since its release 12 months ago.
A review of the markets, in particular the view of many we are now in stage 3 of a bull market, and what trading methods are ideally suited to this stage.
Zen in the markets and how my recent study trip to Japan has solidified my mindset and therefore my trading.
After an enjoyable break I am back in the market with a momentum system. Click here for more details.
Some recent quotes I found regarding the correlation between Zen and trading.
“About this method, it can be said it is both easy and difficult. It is easy because it is really easy and it is difficult because it is really difficult. It is easy because all you are required to do is to have faith in the method, it is difficult because you are afraid"
"All worldly occupations require study and training before success.”
Hsu Yun, Chinese Zen Master, discussing the system of Zen. 1840-1959 age 119