certainly an interesting night on Wall Street with the markets bouncing strongly off their lows a couple of times. Some good Google earnings continue the positive news out of the tech sector with IBM,Apple,Google beating with Microsoft the major dissapointment.
Agree with Highlandlad that now is not the time to be holding over the Australia Day long weekend, too much could happen in the two Wall Street sessions before we trade again. Tonight GE will be the key earnings if they once again dissapoint it could be the catalyst for another leg down.
I get the feeling not too many will hold over the weekend and we will see some weakness today into the close, meaning it is going to be harder to scalp any bounces.
Keeping an eye on STO today with its quarterly due out, if production dissapoints it maybe sold down and could present an excellent buying opportunity. There is no doubt now that the SA government has lifted the share ownership cap on STO it is a takeover target for the large overseas players and will be worth accumulating on any weakness.
Another stock SBM (which I sold too early yesterday arvo) is at a very interesting stage. With a very good quarterly report yesterday and a clear break above recent resistance could be an interesting momentum based trade today. With the AUD gold price surging again overnight to $1305 oz, SBM is going be generating a very healthy cashflow.
