Markets Rattled. Morning Java, Thursday, 23 October, 2014
In America:
Nasdaq Composite -0.83%. New York Composite -0.9%. Russell 2000 -1.44%. Dow Jones Industrial -0.92%. SP500 -0.73%.
The American markets were relatively subdued in the morning session, then in the lunch session, news came through about possible terrorist activities in Canada and the market fell. Such events usually don’t have lasting effects unless follow-up action occurs. At this stage, it looks like a hiccough.
Technically, however, R2K shows a bearish engulfing candle. This is one of the best performing one-day candle formations. So it needs to be noted. Three other indices show “dark cloud cover” candles. Not as reliable as “bearish engulfing” but a concern. SP500 wasn’t quite so negative.
Detailed SP500 chart:
SP500 has paused at the 20-Day MA. That’s not unexpected. If we now get another day of follow-through selling, then the rebound from 15 October may be over. Then we can expect at least a retest of that level.
Commodities:
CRB Index down -0.97%. Energy was again the main culprit. Industrial Metals Group up +0.44%. Spot Copper down -0.35%. I don’t have an up to date price for Iron Ore. GLD -0.57%. US$ Index continued its move up +0.44%.
Oz Stocks in New York:
BHP -1.4%. Rio -2.85%. Westpac -0.77%. ANZ -0.79%. EWA -0.37%. Ozzie Dollar flat -0.03%
Given how much we were up yesterday (too much) and a flat Ozzie Dollar, those were poor figures for Australia today.
Redbacka
(20min delay)