Overnight:
Major American indices fell into negative territory in the first 90 minutes. They then formed a V-shaped recovery and finished well into positive territory.
Dow Jones +1.23%. SP500 +1.21%. Nasdaq +1.58%, NYSE +0.86%, Banks +0.36%, DAX +0.06%.
SP500
SPX was up strongly.
The trend channel has turned up. Stay with the trend.
So far this week, the SP500 has treated resistance levels with disdain. It still has the 20-Day MA to negotiate.
Commodities:
Commodities had modest movements. DBC +0.18%. Energy +0.14%. Gold+0.12% and Industrial Metals -0.1%. Copper Producers +1.87%. Iron Ore unchanged%. The Copper Producers (COPX) provides the lead for our miners today.
Australian Stocks in the U.S. market
All four stocks were up. BHP +1.28%, Rio +1.48%, Woodside +0.43%, Westpac +0.58%.
The results for the miners look good, but pale into insignificance when compared to the rises in Australia on Friday. So we might see some settling back in the miners today.
Stocks Reporting Today
Three large-cap stocks report today: Medibank Private, Brambles and Star Entertainment . That’s the unknown for today.
The big movers from yesterday’s reports were ASX +3.38%, HSO -4.81%, NCM +3.36%, ORG +6.86%, S32 -5.41%, SUN -2.4%. TLS was positive but under-performed the market +0.58%. The net negative result in Suncorp looks poor, but the stock did see significant intra-day buying and it finished well off its lows. So it might be OK. Momentum from reporting day usually continues for a few days.
RB.
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