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paddington bear

18,176 Posts.

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16/09/24

07:36

Post #: 75685467
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Originally posted by poyndexter ↑

Morningtraders. Thanks loungers, especially @Ravgnome and @Patterns.
Much respectfor the way highlandlad (HL) puts this report together each day … HL gets 2weeks holiday for a year’s service, but I’ll need a year’s holiday after 2weeks lol. I have stuck to the current format, added a few commodities andindicators I use, and missed a few that HL normally includes as I haven’tsourced them yet, but will work on for tomorrow.
A request: Ifanyone thinks I have incorrectly quoted any commodity prices, please reply witha link to a site where I can find the correct end of day values (I struggledwith some of HL’s recommended sites).

Outlook for the day: Positive after Goldilocks US economic reportinglast week sealed a US interest rate cut on Wed this week. The DOW and S&Pclosed Friday within a whisker of ATHs and the Nas closed a bit further backdue to continued Tech weakness, but still in sight of the same.

ASX futures: up but ran out of time to find it (apols) will sort for tomorrow
US futures: DOW (-0.02%), S&P (-0.05%), NAS(-0.14%) as at 7.25am 16/9

Overnight themes:

US stocks continued their upwards push as Import Price Index reporting indicated weakening prices, adding to the inflation waning theme of CPI/PPI reports earlier in the week. Rate cut expectation to be announced Wed this week in the US are balanced between 0.25% and 0.5%. The announced rate cut will likely cause markets tension (volatility)

The S&P 500 sealed a fifth straight gain with a rise of 0.54%. The broadest of the major benchmarks closed roughly 0.75% below its previous record.

The Nasdaq put on fifth straight rise of 0.65% in a mixed session with Nvidia, Apple, Meta and TSLA underperforming and Google, Microsoft and Netflix overperforming with gains of 0.85% to 1.79%

The Dow firmed 0.72% with a third straight rise and a (broad) advance/decline ratio of 0.8, including solid rises from Caterpillar, Goldman Sachs, Home Depot, MacDonalds and Microsoft accounting for just over half of the DOW’s 297-point gain and Boeing being the laggard accounting for about -40 DOW points

For the week the DOW, S&P and Nas put on gains of 2.6%, 4% and 6% respectively as continued solid economic data calmed market slowdown/recession fears

Friday’s Import Price Index reports added to the week’s theme that inflation continues to be on the wane.

Will try to pay attention to movement within market sectors in the coming days

It’s no surprise that expectations of a US Fed rate cut are behind the current gold rally and is likely to do well if the Fed cuts gradually or more urgently going forward (source: marketwatch.com quoting Brian Lundin of Gold Newsletter)

Iron ore for Mon 16/9 backed off a modest 0.22% (SGX 62% Fe Fines) to $US92.60 for after a fall of about 2% on Friday after rising during the week from an intraday low under $US90 last Monday.

Oil backed off about 0.5%, possibly as US hurricane concerns subsided. Woohoo, have you seen the price at Aussie service stations lately? Low oil prices have a big impact on keeping the lid on inflation.

China Economic reporting Sat 14/9 was somewhat dour: Year on year values, House Price Index -5.3% (prev -4.9%), Industrial Production 4.5% (prev 5.1%), Retail Sales 2.1% (prev 2.7%), Unemployment Rate 5.3% (prev 5.2%), Fixed Asset Investment 3.4% (prev 3.6%)

Key events today:

US: Empire State Manufacturing Survey (Sept) Prev -4.7, Median Forecast -5.0

Australia: None

S&P 500: up 30 points or 0.54%

Dow: up 297 points or 0.72%

Nasdaq: up 114 points or 0.65%
CBOEVolatility Index (VIX):down 0.51 (-2.99%) to 16.56

Dollar: up 0.15% to 67.13 US cents (6.55am Mon 16/9)

Iron ore (Dalian): cannot find a site/price I am confident is Dalian
Iron Ore (SGX62% Fe Fines): down0.22% to $US92.60 (barchart.com)

Brent crude: down US$0.38 or 0.53% to US$71.05

WTI crude: down US$0.32 or 0.46% to US$68.65

Gold (futures): down US$4.50 or 0.51% to US$2,606.20 (marketwatch.com)

Gold (spot): up US$20.02 or 0.78% to US$2,578.24 (silverprice.org)

Silver (spot): up US$0.83 or 2.8% to US$30.75 (silverprice.org)

NYSE Arca Gold Bugs:

Bitcoin: down 0.22% to US$59,792 (trades 24/7, price 6.30amMon 16/9 cf Fri close)

Copper (LME): down 0.55% to US$9,257 (15/9 lme.com)

Nickel (LME): unchanged 0.00% to US$15,920 (15/9 lme.com

Lithium carbonate (China): up 0.68% to 74,300 yuan

Global X Lithium & Battery Tech ETF:

Uranium (spot): down 0.57% at US$79.55

BHP: up 1.32% (US); up 1.87% (UK)

Rio Tinto: up 1.03% (US); up 1.74% (UK)
FMG: up 3.88% (US … FSUGY ADR)

Expand

Great effort @poyndexter

My notes for today:

https://hotcopper.com.au/posts/75685062/single
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