Morningtraders. Thanks loungers, especially @Ravgnome and @Patterns.
Thank you to @R_Soulfor yesterday’s creative opening post
I should be good for the rest of the time @highlandlad is away
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: Probably flat as economic reporting out overnightin the US seemed to cruel chances of a 0.5% US Fed rate cut tonight in the US. Therereally is no other back story for today … rate cuts, how big and how many for2024/2025 has traders' complete attention. An interesting time for the US Fed,cutting rates when within reason, their economy is skipping along reasonably well.
ASX futures: up 31 to 8281 (7.25am 20/9)US futures: DOW (+1.34%), S&P (+1.66%), NAS(+2.46%) as at 7.30am 20/9
Overnight themes:
- Well, allowing time for market reflection should not be underrated. After a restless overnight sleep, markets decided there was nothing too sinister in the Fed’s 0.5% rate cut and pinned their collective ears back to avoid overspill from the buying trough. The DOW, S&P and Nas closed up 1.25%, 1.7% and 2.51% respectively, with the DOW and S&P closing at ATH’s
- The S&P 500 galloped to a rise of 1.70%. The broadest of the major benchmarks closed in record territory, 0.8% above its previous ATH
- The Nasdaq bolted to a rise of 2.51% in a session where big tech flew, to close still 3.4% below its ATH
- The Dow cantered to a rise of 1.26% to close at an ATH of 42,025, its first close above 42,000 … how easy was that! The advance/decline ratio 0.67, with decliners including mainstreams like Procter & Gamble, Johnson & Johnson, United Health, Travellers (insurance), Walmart
- Economic reporting overnight in the US included initial jobless claims of 219K (down from a consensus estimate of 229k) indicating a still strong labour market, Philadelphia Fed Manufacturing Survey closing in +ve (growth) territory for the first time in many months and existing home sales ticking down a tad (after yesterday's new home sales rose noticeably) – these reports likely added to the delayed good cheer from yesterday’s 0.5% Fed rate cut.
- Still no source to break up movements within market sectors. Will keep looking … sigh
- Iron ore for Fri 19/9 climbed 1.27% (SGX 62% Fe Fines) to $US93.85 (barchart.com), with Dalian (I think) closing down 0.57% to US$91.57 (markets.*.com)
- Solid gains of 1.4/1.7% Brent/WTI crude overnight, likely due to perceptions of a buoyant US economy
Key events today:
- US: none scheduled (marketwatch.com)
- Australia: none (tradingeconomics.com)
- China: 1 yr and 5 yr loan prime rates (tradingeconomics.com)
S&P 500: up 95.38 points or +1.70%
Dow: down 522.09 points or +1.26%
Nasdaq: up 440.68 points or +2.51%
CBOE VolatilityIndex (VIX): down 1.82(-9.87%) to 16.41, still in relatively benign territory
Dollar: up 0.71% to 68.125 US cents (6.50am Fri 20/9)
Iron ore (Dalian): US$91.57, down 0.57% (markets.*.com … Ithink this is Dalian)
Iron Ore (SGX62% Fe Fines): up 1.27%to $US93.85 (barchart.com)
Brent crude: up US$1.05 or 1.44% to US$73.94
WTI crude: up US$1.22 or 1.75% to US$71.10
Gold (futures): up US$15.400 or 0.59%% to US$2,614.00 (marketwatch.com)
Gold (spot): up US$29.58 or 0.54% to US$2,569.63 (silverprice.org)
Silver (futures): up US$0.458 or 1.49% to US$31.145 (marketwatch.com)
Silver (spot): up US$0.64 down 0.38 US$30.82(silverprice.org)
NYSE Arca Gold Bugs: HUI Gold Index: 319.47 (closed 18/9, unchanged)
Bitcoin: up 4.96% to US$63,242 (trades 24/7, price 6.30am Fri 20/9 cf Thu close)
Copper (LME): up 1.47% to US$9,539 (19/9 lme.com)
Nickel (LME): up 0.83% to US$16,335 (19/9 lme.com)
Lithium carbonate (China): down 0.38% to 74,050 yuan (highlandlad recommended site – updated 19/9)
Lithium: 72,500 yuan (6.50am 20/9marketindex.com)
Global X Lithium & Battery Tech ETF: US$37.63, up 0.82 or 2.23%
Uranium (spot): down 0.01 at US$79.46
BHP: up 4.03% (US); up 3.41% (UK)
Rio Tinto: up 3.61% (US); up 3.06% (UK)
FMG: up 3.31% (US … FSUGY ADR)
