Trend Update: AMP, BHP, ANZ, QBE Confirm Down Trends

February 7th 2010

This week four more stocks in the Top 21 confirmed medium term down trends. This brings the ratio of up and down stocks to 7:14, or 66% of stocks pointing down.

And it is a mix heavily weighted towards financials, with AMP, ANZ, and QBE all falling in line with the overall market. BHP was the only different sector involved this week, closing twice below its uptrend line to make the only down trend change for the materials sector.

Amazingly, Suncorp (SUN) remains in the strongest up trend, while others are hanging on, and only just.

Many people are calling a bullish run in 2010, but you can’t ignore the trend – especially a stronger trend like that of a weekly chart. And right now, the majority are pointing down.

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