Resmed formed a “higher low” at $8.94 and found buying interest within our “buy zone”, as advised on the blog.
Sonic Healthcare should find buying support at $21.55. Apply a stop loss below the $21.55. SHL – Ex-Div 8/9/2017 (Div 46c, Franking 20%)
Ramsey Healthcare – Strong reversal of yesterday’s low at $65.
CSL – Algo Engine buy signal at $125.00 CSL – Ex-Div 12/9/2017 (Div $0.91 Franking 0%)
Medibank – Now looks expensive. Take profit!
We’ve been highlighting the Algo Engine short signal set-up in Harvey Norman and JB Hi-Fi.
Selling in both names started to picked up yesterday, following the FY17 earnings release by Harvey Norman.
HVN
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As a general observation, we see both AT&T and Verizon making “lower lows” & “lower highs”.
We have Algo Engine short signals present in both names.
At the end of July 2017, margin debt on the New York Stock Exchange reached an all-time high of $550 Billion.
Prior to the 2007 market correction, NYSE margin debt peaked at 2.63% of GDP. In 2000 margin debt peaked at 2.78%.
NYSE margin debt to GDP now stands at 2.86%.
As the Fed prepares to reduce their holdings of Treasuries and MBS securities on its balance sheet, we may start to see tightening credit conditions in the U.S financial markets and a general withdrawal of market stimulus from the BOJ and the ECB.
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