All in all a good week
March 23rd, 2009 by Cale McCulloch
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7278.38 | -122.42 | -1.7% |
| NASDAQ | 1457.27 | -26.21 | -1.8% |
| S P 500 | 768.54 | -15.5 | -2.0% |
| FTSE 100 | 3842.85 | 25.92 | 0.7% |
| Nikkei 225 | 7945.96 | -26.21 | -0.3% |
| SPI Futures | 3494 | 7 | 0.2% |
| All Ords | 3,405.00 | -11.9 | -0.3% |
| Oil | 51.55 | 0.09 | 0.2% |
| Gold | 956.2 | -2.6 | -0.3% |
| Silver | 13.84 | 0.32 | 2.4% |
| Aluminium | 1434 | 33 | 2.4% |
| Copper | 3911 | -19 | -0.5% |
| Lead | 1302 | -33 | -2.5% |
| Nickel | 9905 | -110 | -1.1% |
| Tin | 10450 | -200 | -1.9% |
| Zinc | 1230 | 8 | 0.7% |
Major U.S. stock indexes finished lower on Friday, giving back between 1.5-2% of the weeks earlier gains, but still managed to end the week higher. The sell off was an inevitable bout of profit taking following the steep rises particularly in the Financials over the past fortnight. Base metals and Commodities largely held on to gains, with Base metals flat while Oil climbed slightly to close above USD 52 a barrel. Gold gave back just USD 2.60 an ounce to close at 956.20, an extraordinary effort given the magnitude and frequentness of swings in the precious metals throughout the week.
All eyes were fixed firmly on Government actions, particularly in the U.S last week, as will surely be the case again this week with the Obama administration set to unveil the new Bank plan on Tuesday night Australian time. Traders and investors alike will be looking for transparency in this, and some degree of direction from the new Treasury secretary who as thus far failed to impress. Unfortunately more time is going to be wasted on the issue of AIG bonuses following the companies attorney stating that the company had actually paid out USD 218 million in retention payments compared with the USD 165 previously reported. It is unfortunate that the issue is wasting so much time,
Domestically this week, there is little economic data to look forward to, although Sigma pharmaceuticals will report full year results today.
The SPI has the market opening just 20 points lower this morning. Mixed base metals should support the big miners, while Oil and Gold stock should also hold on to gains of last week. Financials should come under some selling pressure today, with lingering debate over whether the worst of the crises has been seen or yet to come. Add to this the fact that most banks are sitting on, or very close to resistance levels, technicians may begin to take profits here unless there is any new driver to push through the highs of last week.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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