BHP consolidates
June 3rd, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8740.87 | 19.43 | 0.2% |
| NASDAQ | 1836.8 | 8.12 | 0.4% |
| S P 500 | 944.74 | 1.87 | 0.2% |
| FTSE 100 | 4477.02 | -29.17 | -0.6% |
| Nikkei 225 | 9704.31 | 26.56 | 0.3% |
| SPI Futures | 3951 | -9 | -0.2% |
| All Ords | 3,948.00 | 60.2 | 1.5% |
| Oil | 68.58 | -0.01 | -0.0% |
| Gold | 984.4 | 4.4 | 0.4% |
| Silver | 15.955 | 0.22 | 1.4% |
| Aluminium | 1441 | 16 | 1.1% |
| Copper | 5026 | 79 | 1.6% |
| Lead | 1627.5 | -12.5 | -0.8% |
| Nickel | 14505 | 230 | 1.6% |
| Tin | 14750 | -50 | -0.3% |
| Zinc | 1547 | -4 | -0.3% |
The Dow Jones Industrial rose 19.43 or .22% as improving economic sentiment helped fuel another run for material stocks though capital- raisings by banks weighed on financials. Most auto makers reported their highest sales of 2009, but the figures were still well below prior- year levels.
The Australian market today will open flat, with potential consolidation on the resources sector. Following a three day positive streak the XJO today should fall into negative territory, finding support around 3900.
Look for BHP to head back to a level of around the $35.80 -$36 mark today. BHP gapped up yesterday on a strong commodity run and today we should see a partial if not a complete gap fill.
The stock is now showing signs that the next big support level is around $33.50. I would encourage buying back around $33.50 over the next week.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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