Best September trading since 1939
September 29th, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,858.14 | 46.1 | 0.4% |
| NASDAQ | 2,379.59 | 9.82 | 0.4% |
| S P 500 | 1,147.70 | 5.54 | 0.5% |
| FTSE 100 | 5,578.44 | 5.02 | 0.1% |
| Nikkei 225 | 9,495.76 | -107.38 | -1.1% |
| ASX 200 | 4,669.80 | -5.6 | -0.1% |
| COMEX Gold - Dec 09 | 1308.3 | 9.7 | 0.7% |
| COMEX Silver - Sep 09 | 21.707 | 0.236 | 1.1% |
| COMEX Copper - Sep 09 | 363.7 | 4 | 1.1% |
| WTI Spot | 76.18 | -0.34 | -0.4% |
| AUD-USD | 0.9676 | -0.0003 | -0.0% |
| Aluminium | 2,225.00 | -56.5 | -2.5% |
| Copper | 7,866.00 | -56 | -0.7% |
| Lead | 2,223.00 | -28 | -1.2% |
| Nickel | 22,810.00 | -365 | -1.6% |
| Tin | 23,610.00 | -240 | -1.0% |
| Zinc | 2,145.50 | -49.5 | -2.3% |
U.S. stocks climbed Tuesday despite drops in consumer confidence and central-Atlantic manufacturing conditions, as investors saw the economic weakness as a sign the Federal Reserve may be more likely to introduce more stimulus.
The Dow Jones Industrial Average closed up 46.10 points, or 0.43%, to 10858.14. Tuesday's trading also reflected end-of-month and end-of-quarter portfolio shuffling as the market approaches the conclusion of its best September since 1939. The Dow is up 8.4% for the month and up 4.1% for the year, having turned positive for 2010 this month.
On the local front today the XJO should open the session fairly positive with the SFE futures indicating a move of 17 points to the upside. Once the market has opened and settled we should see it advance further throughout the day hope 40-50 by the close.
Commodities followed their strong run last night and this will give the miners a positive lead today with ADR’s on BHP up 1%. With gold pressing higher and breaking through recent all time highs ($1308 an ounce), gold miners like NCM will be in the spot light today with potential upside of 1.5% -2%.
From a technical standpoint I am looking for the market to fill a gap at 4737 on the XJO. Once we fill the gap we could see some short term profit taking, however I do believe we will hold the trading range of 4600-5000 on the market. There will be quite a bit of volatility over the next couple of months however we should keep our eyes open for buying opportunities. Contact your broker and find out what levels they are looking at on particular securities so you can take advantage of the dips in the market.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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