Last night's move on Wall Street, and subsequent response in Australia, bring into question whether or not yet another correction has indeed failed. However, what happens tonight will set the tone for next week.
The sharp rally on Wall Street was prompted by positive productivity data which in turn made traders nervous about tonight's unemployment data. Nervous, that is, if you've been short on the back of expectations of a correction in the stock market and a bounce in the US dollar. It is likely last night was a lot to do with pragmatic short-covering ahead of what tonight might reveal.
The Australian share market was up 1.3 per cent by noon on Friday after better than expected jobs and productivity data in the US and as the Reserve Bank of Australia raised its forecast for economic growth.
All sectors of the market gained, despite falls in metals and oil prices overnight.
All Ordinaries had gained 60.3 points, or 1.33 per cent, to 4,579.5, after closing at an almost two-month low on Thursday.
Some analysts are saying "The US was exceptionally strong last night on the good employment figures and productivity data. The RBA made pretty substantial upward revisions to growth forecasts, as well. Every sector is up at the moment."
The Australian Industry Group/Housing Industry Association Performance of Construction Index rose 0.1 points to a read of 50.9 in October.
All sectors are in positive territory at midday, however the sector with the biggest gain is the Industrials index which is up 85 points to 3,794.
The sector with the smallest gain at midday is the Health Care index, up 12 points at 8,268.
Gold is trading at US$1,089.95 an ounce and the Aussie dollar is trading at 91.15 US cents.
9 November
Australia housing finance, Oct
Australia RBA monetary policy statement
US 3-year note auction US$40bn
AGP Ex div. 3.7c
CLH Ex div. 2.6c
DKN Annual General Meeting (10:00 AM)
KCN Annual General Meeting (02:00 PM)
LOD Annual General Meeting (11:00 AM)
ORI FY Results
PPK Ex div. 1.0c
SEV Annual General Meeting (11:00 AM)
TOE Annual General Meeting (11:00 AM)
WAT Ex div. 3.0c
OBJ: watching,It might come down
KAM: Bought at open
PPT: Over night hold sold at $35
IPL: will re enter
http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/
The Most dangerous habits to have as a trader or investor.
Buying based on media tips – most of Australia’s newspapers and newsletters have 1000s even hundreds of thousands of readers, so tips, for many, aren’t very hot.
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