Morning all. I guess trading seems trivial after events in Victoria. My thoughts go to those who have suffered losses.
A quick market wrap: the S&P 500 in the US sealed its first positive week in five with a 2.7 % gain on Friday for a weekly gain of 5%. Traders ignored grim job numbers on the expectation that the Senate will pass Obama's financial rescue package tonight. Financials led the way north, with banking indices recording double-digit gains. REITs were also notably strong.
Oil briefly rallied but faded to a 2.5% loss. Gold held steady near the recent high. The real action was in base metals where there were significant gains. Copper - the "metal with the degree in economics" - broke up out of its recent trading range. That's a very positive sign for resource stocks.
All of this flags the prospect of a good day on the ASX. The SPI soared 85 points to 3500. Of course, it's likely that traders in the US have once again "bought the rumour" and will sell the fact if/when the stimulus package is passed this week. But we just might see a healthy rise on the ASX this week.
