we might see a fairly quiet day of trading today due to the fact the US is off tonight and people won't want to take large positions ahead of this weeks announcement of the details of Obama's Mortgage Relief Program.
in terms of what to look out for today:
- stocks that have been heavily shorted and are showing signs of a short covering rally, recently we have seen companies such as BLY,EHL,AIO,BPT all rebound on heavy volume.
- gold is still working with a close above $940 oz, there was a very interesting article in the West Australian on the weekend detailing the US insitutions/pension funds buying enormous quantities of gold from the perth mint, which is no doubt a positive sign for aussie producers. I still like SBM now that the macquarie stock overhang is gone and FML who's cashflow is now larger than its entire market cap crazy.
- could be a trading opportunity in WES today depending on how their results pan out this morning.
- iron ore is still showing some life with FMG,AGO very strong recently, I'm holding MMX in the lead up to the WA government's decision on the midwest port/rail contract.
