Quick market summary: US markets closed 1.8 - 2.3% weaker on Friday to wrap up their worst January in on record. The Dow closed just above the magic 8000 level, while financials on the S&P finished the month down a whopping 26.5% year to date.
Investors sought safety in gold, sending the precious metal up 2.5% to its highest level in six months. Oil eked out gains of less than 1%. Base metals weakened, although most finished off their lows for the day.
All of the above leaves Friday's surprisingly bullish action on the ASX looking like a major miss-move. Futures traders think so - the SPI closed at 3420, down 64 points, which points to a bleak start to the week.
However, the promise of tomorrow's RBA interest rate cut may provide some support to the financial sector and retail after today's opening weakness. Friday's bank action was certainly bullish, so the sector may be worth a look today. It wouldn't surprise to see a few green candles today, then a sell-off tomorrow regardless of how deep the rate cut.
