daytrade diaries... august 24, page-11

Good morning,

US Stocks surged Friday, with the Dow, Nasdaq and S&P 500 all ending at fresh 2009 highs, after Fed chief Ben Bernanke said the economy is near a recovery and existing home sales posted their biggest jump in two years.

The Dow Jones industrial average (INDU) gained 156 points, or 1.7%, closing at the highest point since Nov. 4. The S&P 500 (SPX) index added 19 points, or 1.9%, closing at the highest point since Oct. 6.

Some analysts are saying " We've had an awfully nice run since March and there's still enough skepticism to keep us moving higher,"

London's benchmark FTSE 100 index London's benchmark FTSE 100 index jumped up 107.05 points, or 2.26 per cent, to 4850.89 points.

FRANKFURT - The DAX soared 171.06 points, or 3.23 per cent, to 5462.74 points.

PARIS - The CAC 40 rocketed up 120.34 points, or 3.44 per cent, to 3615.81 points.

The Australian share market is expected to open higher after Wall Street soared to its highest point this year on Federal Reserve chief Ben Bernanke's comments that global recovery prospects appear good.

At 0656 AEST on the Sydney Futures Exchange, the September share price index contract was 69 points higher at 4320.
In economics news on Monday, the Australian Bureau of Statistics releases new motor vehicle sales data for July.
Company reporting continues, with Centrebet International Ltd and Fairfax Media Ltd delivering annual results, along with Challenger Financial Services Group Ltd, Austereo Group Ltd, Prime Media Group Ltd, Select Harvests Ltd and Worley Parsons Ltd.

The price of New York oil jumped Friday to a 2009 high propelled by a weak US dollar, tumbling American crude reserves, rising equities and positive eurozone data, traders said.

New York's main futures contract, light sweet crude for delivery in October, closed $1.47 higher at $US73.89 per barrel, after soaring to $US74.72, a level last seen on October 20, 2008.

Gold up $12.90 to US$954.70 an ounce
Silver up 28.4c to US$14.164 an ounce
Copper up 8.1c at US$2.842 a pound

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Did you know?

One of the Common Mistakes Made by Investors
(Worrying too much about taxes and commissions. Your objective should be to first nail down a worthwhile net profit. After all, if you’re not making a profit, you don’t have to worry about tax)