Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Positive after US stocks eke out slender gains, and iron ore and metals rally.
ASX futures: up 28 points or 0.37%
Overnight themes:
- US stocks inch higher during a "news-lite" session. The S&P 500 edges 0.14% closer to within 0.5% of a record.
- The market's eight-week up-trend continues as the odds on a rate cut in March rise to 73.2%.
- "When you have very few catalysts and minimal trading activity you tend to see continuation of the trends" - Chuck Carlson, chief executive officer at Horizon Investment Services (per Reuters).
- The Dow is the best of the three major indices, rising 0.3% to a new high as Walmart, Amgen and Caterpillar advance. Market movements are modest, with none of the Industrial Average's 30 component stocks moving more than 1% in either direction.
- Defensive sectors outperform. Real estate, health and consumer staples top the leader-board. Energy and communication services bring up the rear. The financial and materials sectors both gain roughly 0.25%.
- A retreat in oil pulls the energy sector down 0.53%. Oil prices decline after the US benchmark, West Texas Intermediate crude, offers a bearish death cross pattern (a possible indication to technical traders that recent price weakness is developing into a longer-term downtrend). WTI crude drops 1.93%. The international benchmark, Brent crude, sheds 1.75%.
- Gold hits an all-time high in London as traders anticipate interest rate cuts next year. US gold futures rally almost 1% to US$2,089.30 an ounce. The US dollar index slides to its lowest in five months.
- Iron ore gains 0.5% in both China and Singapore trade after Chinese industrial firms post double-digit profit improvements in November.
- US stocks are on track to record substantial gains for the year. The S&P 500 is on track for an annual tally of 24%. The Dow is ahead 13%. The Nasdaq is set for a gain of around 44%, its best return since 2003.
Key events today:
- US house sales, jobless claims - tonight
S&P 500: up 7 points or 0.14%
Dow: up 111 points or 0.3%
Nasdaq: up 25 points or 0.16%
Dollar: up 0.3% to 68.44 US cents
Iron ore (Dalian): up 0.5% to US$137.93
Brent crude: down US$1.42 or 1.75% to US$79.65
Gold: up US$19.30 or 0.93% to US$2,089.10
NYSE Arca Gold Bugs: up 1.1%
Bitcoin: up 2.69% to US$43,461
Copper (LME): up 1.43% to US$8,696
Nickel (LME): up 2.11% to US$16,900
Uranium: up 1.51% to US$93
Lithium carbonate (China spot): US$14,000 (last price: Dec 21)
Global X Lithium & Battery Tech ETF: down 0.28%
BHP: up 1% (US); up 0.55% (UK)
Rio Tinto: up 0.81% (US); down 0.24% (UK)
- Forums
- ASX - Day Trading
- Day trading pre-market open December 28
Morning traders. Thanks loungers, especially @Ravgnome and...
- There are more pages in this discussion • 53 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
MGU
MAGNUM MINING AND EXPLORATION LIMITED
Neil Goodman, MD
Neil Goodman
MD
SPONSORED BY The Market Online