ASX Morning call 9 OCT, page-5

Overnight:


The U.S. market pulled out of a nose-dive after the morning session with the Dow Jones and SP500 finishing more or less flat.

Dow Jones +0.15%. SP500 -0.04%. Nasdaq -0.67%. Russell 2000 -0.16%.

That could spell the end of this pull-back. A good day tomorrow is needed to confirm.

SP500:



SP500 is at triple support, so a bounce here is highly likely.

The intra-day buying is indicated by the long lower tail on today’s candle and the modest positive result for the day.

Look for a bounce here.

The longer term trend remains up.

Commodities:



Base Metals -0.48%. Energy -0.16%. Gold -1.11%. Copper Miners -1.4%. Iron Ore -0.3%. Thermal Coal -0.8%.

BHP was down -2.82% in Australia yesterday, but down only -0.35% overnight in New York. So, despite those more resource figures overnight, we can expect a +VE Day for our miners today. Westpac yesterday in Australia was down -1.31% but up +0.1% in New York. The Ozzie Dollar was positive in New York +0.31%, but that’s not enough to account for the good relative performance in the Ozzie stocks overnight.

RB