US Stocks ended a choppy session little changed Tuesday as investors weighed a seesawing dollar, a slew of auto sales and reports on pending home sale and factory orders.
The Dow Jones industrial average (INDU) lost 12 points, or 0.1%, according to early tallies. The S&P 500 index (SPX) added 3 points, or 0.3%. The Nasdaq composite (COMP) was barely changed.
After pushing the three leading indexes to fresh 15-month highs Monday, investors struggled Tuesday.
A weak dollar initially gave a push to dollar-traded commodities and select stocks that do business overseas. But the dollar turned mixed by the late afternoon, diluting the impact.
LONDON - Europe's main stock markets closed mixed on Tuesday. The FTSE 100 index of leading shares rose 22.16 points, or 0.4 per cent to 5,522.5 points.
FRANKFURT - The DAX 30 ended down 16.44 points, or 0.27 per cent at 6,031.86 points.
PARIS - The CAC 40 fell 1.06 points, or 0.03 per cent to 4,012.91.
Oil prices edged closer to $US82 a barrel on Tuesday, extending a four-week rally amid falling energy supplies and cold northern hemisphere weather.
On the New York Mercantile Exchange, benchmark crude oil for February delivery was 26 US cents higher to a preliminary settlement at $US81.77 a barrel.
The Australian share market has received a mixed set of leads from overseas markets in offshore trading, with Wall Street indices and oil trading lower but metals prices higher.
At 0646 AEDT on the Sydney Futures Exchange, the March share price index contract was down three points at 4,925 points.
GOLD up 40c to US$1118.70 an ounce SILVER up 33.7c to US$ 17.800 an ounce COPPER up 0.75c at US$3.4135 a pound
In economics news on Wednesday, the Australian Chamber of Commerce and Industry releases its survey of investor confidence for the December quarter.
The Federal Chamber of Automotive Industries publishes new vehicle sales data for 2009.
The Australian Industry Group-Commonwealth Bank performance of services index (PSI) for December will be published. At 1130 AEDT, the Australian Bureau of Statistics releases building approvals data for November.
In equities news, Toyota Australia is to present its 2009 sales results and overview of the year ahead in Sydney at 1030 AEDT.
1. Identify the current trend in the market. Trade in the direction of least resistance.
2. Wait for support to become evident and the selling pressure to subside.
3. Use an indicator that identifies a change of momentum.
4. Once the change of momentum is confirmed, ensure that buyers are in control of the stock prior to entry.
5. Although youre not necessarily going to buy on the bottom (nor sell at the top) using this structure, its possible to get a chuck in the middle with a manageable level of risk.
