daytrade diaries... september 22, page-16

Good morning,

Falling commodity prices and financial shares dragged on blue chips Monday, keeping the US market choppy after a more than six-month advance.

The Dow Jones industrial average (INDU) lost 41 points, or 0.4%. The S&P 500 (SPX) index lost about 4 points, or 0.3%. The Nasdaq composite (COMP) gained 5 points, or 0.2%, ending at a fresh one-year high.

Some analysts are saying "The biggest challenge in the next few weeks and month is going to be corporate earnings. I think the disappointing earnings will be a validation that the recovery hasn't really started."

Oil prices fell for a third straight day Monday before the US Federal Reserve meets to discuss monetary policy, which for months has helped to drive crude prices higher.

Benchmark crude for October delivery lost more than three per cent, or $US2.33, to settle at $US69.71 a barrel on the New York Mercantile Exchange.

LONDON - European stocks fell on Monday as traders cashed in gains from last week's strong rally and waited for the outcome of a key US Federal Reserve meeting and a summit of the Group of 20 leading world economies.

London's benchmark FTSE 100 index of leading shares fell 38.53 points, or 0.74 per cent to 5,134.36 points.

FRANKFURT - The DAX declined 35.18 points, or 0.62 per cent, to 5668.65.

The Australian share market is likely to open lower after most US and European share indices, as well as the price of oil, declined overnight.

At 0704 AEST on the Sydney Futures Exchange, the December share price index contract was down 15 points at 4679.

In news on Tuesday, the Australian Bureau of Agriculture and Resource Economics releases its third quarter commodities report.

Gold down $5.40 to US$1004.90 an ounce
Silver down 18.5c to US$176.88 an ounce
Copper up 2.05c to US$2.8055 a pound

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Did you know?

Discover how to find companies with high earnings, high earnings per share, high P/E and more so you can invest wisely and earn stockpiles of money day trading.