Morning traders. Market wrap: big gains on global stock and...

Morning traders.

Market wrap: big gains on global stock and commodity markets overnight have set up another very positive day on the ASX. US stock indexes surged between 2.6 - 3.4% on signs of a turn in the housing market. The S&P 500 broke back through the 900 mark and is now 35% off its March low.

No sector was left behind in the US. There were massive gains in banking indexes (+18%) and REITs (+8.8%), plus solid gains for oilers, gas companies and gold miners.

Oil charged to a five-month high, gaining more than 2% to $54.58. Gold often retreats during big rises in equity markets but last night benefitted from weakness in the US dollar, rising 1.5% to recently trade at $901.60. Copper built on yesterday's gains.

Futures traders see no reason why our market can't put in another crackerjack day. The SPI rallied 83 points to 3947.

We're certainly looking at a huge open. After that? Hmmm... This rally is starting to look very mature. The opening prices are likely to be the best for the day for many shares.

There's an RBA rate decision announcement due at 2.30pm. "No action" seems to be the consensus but you never know.

Good luck to all.