Last night, the US was looking at a down day with Asia and Europe down, oil smashed and Dow futures hit pretty hard. Even good US employment numbers didn't seem to help. Our futures index accordingly suffered too, falling almost 2%.
I thought we were going down big on Monday.
Then all of a sudden some positive manufacturing numbers came out of the US then woosh! The US index back in positive territory, DOW up, US banks up and our index clawing back one percent.
CNBC was ascribing it to good US manufacturing numbers but was that it really?
Now I tend to think Monday will be flat or up a bit. Oil is a worry at sub $37 and if not for oil I'd be pretty gung ho about Monday. But that's just my feelings right now.
I'd add that I think the ASX maybe copped a battering because of Japan's bad manufacturing numbers on Friday, so maybe that will continue to weigh heavier on Aus than the US.
NAB Price at posting:
$25.68 Sentiment: None Disclosure: Not Held
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