Morning traders.
Market wrap: US markets reached new 2009 highs overnight but pared gains before the close.
The S&P and Dow added 0.61% and 0.37% respectively after a better-than-expected Treasury auction, but both finished well off their session highs.
Energy stocks continued to climb after crude oil broke above $73. Oil was recently 2% higher at $72.42 after the International Energy Agency raised its forecast for world oil demand for the first time in 10 months.
A strong night for base metals saw copper up 3.3% and zinc, nickel, lead and aluminium all hit new 2009 closing highs. Gold continues to track sideways but bounced back from two-week lows as the US dollar weakened. After dipping below $945, gold was recently at $954.50, back where it was this time yesterday.
Despite all this positive news, futures traders have priced in a pretty small rise on the local market. The SPI finished 6 points higher at 4060.
The good news just keeps coming on commodity markets, but the US action remains unconvincing. There was no follow-through when the market hit new highs. The mining sector should be strong again here this morning but it has been a very good week, so we may see some end-of-week profit taking.
Good luck to all.
- Forums
- ASX - Day Trading
- daytrade diaries... june 12
daytrade diaries... june 12
-
- There are more pages in this discussion • 150 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online