16 October 2017 Day Trading Pre Market

Good Morning Fellow Traders,

A reasonably good opening is expected on the local markets on Monday after Wall St had small gains to close the week.

"It should be a positive start, I suspect it will open up," AMP Capital's chief economist Shane Oliver told AAP.
Locally, investors will be awaiting the release of the minutes of the most recent meeting a fortnight ago of the Reserve Bank of Australia on Tuesday.
Dr Oliver said it's likely the minutes will reflect a desire to keep interest rates remaining on hold for the foreseeable future.

September jobs figures will come out on Thursday, with a general consensus that around 15,000 jobs were created for the month.
There has been a steady rise in job creation for the past year, so Dr Oliver warns sooner or later there will be a negative gain in jobs.

Internationally, the big signpost should be the Chinese National People's Congress, which begins on Wednesday.
"I don't expect any huge surprises from the Congress," Dr Oliver said.
Ultimately the Congress will decide on a five-year plan for Chinese leadership and policies, but with inflation figures coming out on Monday likely to show steady growth Dr Oliver doesn't expect any big changes to economic policies.

The Australian share market closed at its highest level since June last week.
The benchmark S&P/ASX200 index ended up by 19.7 points, 0.34 per cent, to 5,814.2 points on Friday, with nearly all sectors making gains and capping a solid week to leave the market up 1.8 per cent for the five-day period.
The Aussie dollar was trading at 78.34 US cents.

Wall St also closed higher after upbeat economic data and gains in technology shares.
The Dow Jones index and the S&P 500 had a fifth straight week of gains.

U.S. stocks rose on Friday following upbeat economic data and gains in technology shares, pushing the Dow and the S&P 500 to a fifth straight week of gains.

Data showed U.S. retail sales jumped in September, and the University of Michigan’s consumer sentiment index hit its highest since January 2004.
Another report showed consumer prices recorded their biggest increase in eight months as hurricanes Harvey and Irma boosted demand but underlying inflation remained muted.

Netflix (NFLX.O) shares closed 1.9 percent higher after hitting an intraday record high at $200.82 on a slew of price target increases ahead of its earnings report on Monday.
Apple (AAPL.O), up 0.6 percent, gave the S&P 500 its biggest boost, while the S&P technology index .SPLRCT was up 0.5 percent. Shares of big banks were mixed following reports from Bank of America and Wells Fargo.

“We’re seeing a continuation of the strength in the market combined with low volatility. There seems to be money searching for stocks and looking for investments, simply because the momentum is still positive,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

“Also we’re entering a seasonal period where it’s difficult to fight the tape. So I imagine there’s cash coming in off the sidelines.”

The CBOE volatility index .VIX remains at historically depressed levels, closing at 9.61 on Friday.
The Dow Jones Industrial Average .DJI rose 30.71 points, or 0.13 percent, to end at 22,871.72, and the S&P 500 .SPX gained 2.24 points, or 0.09 percent, to 2,553.17.

The Nasdaq Composite .IXIC added 14.29 points, or 0.22 percent, to 6,605.80, a record closing high.
For the week, the Dow was up 0.4 percent and the S&P 500 was up 0.2 percent. The Nasdaq rose 0.2 percent for the week, registering a third week of gains.


The reports from the Wall Street banks kicked off the third-quarter earnings season, with investors hoping profit growth will help justify valuations after a rally that has sent the S&P 500 up about 14 percent so far this year.

Also limiting the day’s gains, the healthcare sector .SPXHC was down 0.3 percent as health insurers and hospital operators tumbled on news that President Donald Trump scrapped billions of dollars in Obamacare subsidies to private insurers for low-income Americans.


Advancing issues outnumbered declining ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners.
About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Source: Netwealth Morning Business Roundup

A Scrambled Egg and Smoked Salmon Muffin with a Choc Nut Smoothie for your Monday breakfast.



Happy Trading!!