daytrades june 11 afternoon ..., page-3

Professionals comments

US MARKET

"What really lifted the (US) stock market was the German supreme court, which has at least delayed the lawsuit by a German lawmaker, helping risky assets in the short term," said John Brady, senior vice president at MF Global.
"I don't think we'll get the fade today, but rather tomorrow," said Brady, who believes investors may take risks off the table ahead of the weekend, given the market has been dominated by geopolitical events largely taking places overseas and often on Sunday.

http://www.marketwatch.com/story/stocks-open-sharply-higher-on-jobs-data-2010-06-10

"Trichet is indicating that the European economy will not falter and will not be problematic to the global economic recovery. We're seeing the euro stabilize, and while that doesn't mean the crisis is over, there's less fear in the market. The easing of that fear is what's responsible for the stampede." said Peter Cardillo, chief market economist at Avalon Partners.

Stocks will likely remain in a tight range as long as the euro maintains its strength and boosts investor confidence, said Fred Dickson, chief market strategist at D.A. Davidson & Co.

http://money.cnn.com/2010/06/10/markets/markets_newyork/index.htm

"If you're in a market where investors are somewhere between skeptical and nervous, then this isn't capitulation. Investors are not panicking," Harris Private Bank Chief Investment Officer Jack Ablin told CNBC.com.

"For anyone looking for an extreme in investor behavior, an extreme in investor sentiment, we're not there yet."

http://www.cnbc.com/id/37595568

AUSSTRALIA MARKET

CMC markets analyst David Taylor said the market looked much more robust today.

"We had favourable comments from (US Fed chairman) Ben Bernanke about the state of the US economy, solid export numbers out of China, and a better-than-expect read on Australian employment," he said. "Australia today rightly focused on the improved outlook for both the US and China."

http://www.theage.com.au/business/markets/shares-jump-as-chinas-strength-lifts-mood-20100610-xx99.html

IG Markets research analyst Ben Potter said the local market was strong across the board in early trading.

"All the action's in the risk sectors: materials and energy jumping strongly," Mr Potter said.

Mr Potter said reports overnight that there may be a compromise on the resources super profits tax had boosted BHP Billiton and Rio Tinto on the UK market.

"He (Mr Rudd) has come out this morning and said he is not close to announcing changes (to the proposed tax), but people are still speculating that there are going to be changes, maybe not in the next couple of days, but there will have to be changes. And there's also very strong economic data out of China, Japan and also here (Australia) showing that the European situation is not really affecting growth that much at the moment. So I think it really improved the risk appetite."

http://www.news.com.au/business/breaking-news/china-us-data-gives-shares-a-boost/story-e6frfkur-1225878354608


RBS Morgans private client adviser Bill Bishop said a positive overnight lead from Wall Street was the main driver of the market's gains, plus the effect of positive local employment data yesterday.

"It's a very refreshing bounce. The Americans felt better about things last night, and our unemployment figures improved out of sight, and we've forgotten about the resources super profit tax for the morning. We've not been getting a flood of phone calls in the brokerage offices, but it's nice to see a bit of optimism about,"

http://www.news.com.au/business/breaking-news/share-market-unfazed-by-tax-debt-concerns/story-e6frfkur-1225878430810