Yes, I doubt many of us will farewell 2008 with much more than relief that it's over. Not that 2009 is likely to be a cake-walk but it can't be any worse. After all, anything less than a fall of 40% will be an improvement...!
The US, source of so much of this year's angst, has handed us a late Xmas gift in the form of a 2%+ rally overnight, setting up our market for a bullish open around 60 points above yesterday's close. A $1 decline in the price of oil to $39 helped, as did a government hand-out for GM. There was buying strength across all sectors except gold, which retreated $5 from recent highs.
Base metals were mixed but there were healthy gains for nickel especially and copper. Most metals are showing signs of building a floor at current levels. There have been positive signs in resources stocks here these past few weeks and I'll have a look for a few laggards today.
It's likely to be a cautious start to the trading day for me. Big opens are often sold into by the big boys, so I'm not likely to go in boots and all at 10 am.
A happy New Year to all and here's to a prosperous 2009.
