Short Term Trading Week Starting: 1 Oct, page-29

Tuesday Morning Market News.
Overnight:

Little consistency in results from America overnight after the finalising of the new trade deal between US, Canada and Mexico.


Blue chips (Dow Jones) were up strongly +0.73%. Large caps (SP500) were up modestly +0.36%, Tech (Nasdaq) down a little. Small caps (Russell 2000) down heavily.

To add to the quandary, NYSE TRIN (a measure of breadth) was very bullish, 0.57. A reading of less than 0.6 usually means that the market had volume pouring into it - so much that we can expect a down day the next day.

To add to the quandary, Gold was down a little -0.17% while Base Metals was very strong +0.96%. Usually those two are affected by the U.S.$ and tend to trade inversely to the U.S.% up +0.16%. Maybe the Trade Agreement affected the Base Metals.

Australia was down yesterday -0.57%. But EWA (ETF for Ozzie shares on the U.S. market) was down only -0.14%. That's a positive for our market today.

In other commodity news, Iron Ore was unchanged. Thermal coal was up +0.4% and Nymex Oil was up very strongly +2.8%.

On balance, that looks like a positive day for our market today after yesterday's fall.

RB