Morning all. Three cheers for Obama.
Overnight market wrap: government plans to help struggling home-owners sparked a dramatic reversal in US markets and dragged the major markets back from heavy losses. Markets that were down almost 3% before the announcement surged in the final hour. The Nasdaq led the way with a gain of 0.75%, while the S&P and Dow finished flat. Worries about banks caused the initial falls and financial stocks lagged the overall market with indices closing down 3 - 5%. REITs also closed negative.
The rally came too late to help oil, which slumped more than 5% and fell towards $34 for the second time this year. This is a significant support level and oil bulls need it to hold. No such worries for gold, which rose 0.5% to $949, its highest level since July. Base metals were mixed, with nickel continuing to fall away.
Our futures followed the US rally, with the SPI closing up 20 points at 3491. Our market has been uncharacteristically independent this week on the back of better-than-expected company reports. Perhaps the local picture isn't as grim as share prices suggest. More good news this reporting season and we could be in for a re-rating.
ANZ's move last night to quash worries about an imminent capital raising could see a rally today. I'll look at a couple of shares that delivered for me yesterday - LEI and WOR. For reversal trades, AIO, BKN, AAC and AWB are worth watching, but patience is essential unless you're scalping.
- Forums
- ASX - Day Trading
- daytrade diaries... friday
daytrade diaries... friday, page-14
-
- There are more pages in this discussion • 201 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
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO & Managing Director
Charles Armstrong
CEO & Managing Director
SPONSORED BY The Market Online