Microsoft add to gains

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Derek  20 Jul 2018

Morning,

International:
Some profit taking is taking place in all markets across the globe. As I mentioned yesterday, we are in overbought territory. I show this for the S&P500.



I want to show an interesting graph today: The market cap of the top 5 shares compared to the bottom 282 on the S&P500. You will notice the Microsoft is one of the top 5.



Microsoft announced results after closure that was better than all expectations. On the graph you will notice that the EMA8 line was not broken with the profit taking. The after hours trading is taking the price much higher.



JSE Technical:

The RAND started weakening again. This will have an effect on the Rand Hedge Shares. Richemond that I showed yesterday has already benefited from this.



Because of the weakening Rand, Sasol is lifting its head again on its previous break line.



You must have a great weekend.
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