I just tuned in to hotcopper and found ...... oh dear ....... no cranker for Friday.
JV's gone AWOL
Sorry - don't have time to hunt around for lots of funnies - so here goes with the usual morning round up:
In America:
Nasdaq Composite +0.38%. New York Composite +0.18%. Russell 2000 +0.41%. Dow Industrials +0.4%. SP500 +0.38%.
The markets were generally down in the first hour of trading. Then the Starbucks Mob came to work and bought the dip around 10.30. That’s a familiar pattern.
The blue chips and large caps continue in gentle uptrends after the big surge in the second half of October. Dow Industrials is now seriously overbought with an RSI.9 at 77.3. A reaction to the downside must be in the offing in the near future.
The other three broad based indices remain in sideways consolidations. If the Dow Industrials do turn down, it’s difficult to see that other indices could buck that trend.
New Lows on the NYSE and Nasdaq remain at uncomfortably high levels.
Here’s the chart for SPY (ETF for the SP500):
The index got a bit tired after the long surge in the second half of October, but it’s got another leg last night. On an intra-day chart, SPY is in a rising wedge pattern, so we could be looking at a last gasp in this run. MFI is at an extreme level – bad in the very short term, but indicative of a strong market. So if we get a bit of a pull-back it will likely be bought.
Commodities:
CRB Index up 0.32%. Industrial Metals Group up +0.62% and the three-day pattern is looking healthy. The big movers were in Nickel and Aluminium. Copper, however, was up marginally, +0.13%. Iron Ore fell again, down -0.53%. Iron Ore finished at 75.6. GLD flat +0.08%. US$ +0.69%
Oz Stocks in NY:
BHP -0.45%. Rio -1.07%. WBC -0.52%. ANZ -0.53%. EWA -0.4%. Ozzie Dollar -0.33%.
No real dramas in any of that data.
Today in Australia, ANZ and NAB go ex-dividend. That will put a drag on the Financials. Miners are likely to be mixed. With the Iron Ore price continuing to fall, that will put more pressure on that sector of the Miners. But some of the other miners might do ok. If our market is going to maintain an even keel today, it looks like it will be up to the defensives (Telecoms, Health, Consumer Staples and Utilities). Energy did well yesterday so that might also see a stronger day today. Positive overseas markets overnight might see punters chance their arm early in the session.
But with the drag of the ex-dividend stocks, it’s hard to see much upside today.
Redbacka.
(20min delay)