Bullish Movement In Global Stock Markets
November 16th, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10270.47 | 73 | 0.7% |
| NASDAQ | 2167.88 | 18.86 | 0.9% |
| S P 500 | 1093.48 | 6.24 | 0.6% |
| FTSE 100 | 5296.38 | 19.88 | 0.4% |
| Nikkei 225 | 9770.31 | -34.18 | -0.3% |
| ASX 200 | 4,706 | -41.5 | -0.9% |
| COMEX Gold - Dec 09 | 1116.8 | 10.2 | 0.9% |
| COMEX Silver - Sep 09 | 17.39 | 0.125 | 0.7% |
| COMEX Copper - Sep 09 | 297.2 | 2.45 | 0.8% |
| WTI Spot | 76.94 | 0 | 0.0% |
| AUD-USD | 0.9327 | 0.0092 | 1.0% |
| Aluminium | 1903.5 | -14.5 | -0.8% |
| Copper | 6500 | 25 | 0.4% |
| Lead | 2241 | -10 | -0.4% |
| Nickel | 16185 | -145 | -0.9% |
| Tin | 14855 | 80 | 0.5% |
| Zinc | 2136 | 5 | 0.2% |
Bullish movements in the Global stock markets continue to catch the Bears off guard, with the Dow Jones Industrial average managing to squeeze out a 73 point gain on Friday night, up 2.46% for the week. Despite weak consumer sentiment, markets are taking their lead from positive outlook statements and profits from the likes of Wal-Mart and Walt Disney, seeming to get some confirmation that Consumers are starting to come back. Strength in Mining companies also carried the markets higher.
Crude Oil slid some 59c a barrel to close at USD 76.35 per barrel. The weakness in Oil itself was not reflected by the big energy producers, with Exxon and Chevron both closing higher for the session. Keep an eye on the domestic energy producers this morning. If the likes of Santos, Origin and Woodside hold their ground, or even edge higher they could be shaping up for a move up as the increased number of short sellers over the sector late last week will need to cover their positions ahead of any further strength in the sector.
Base metals were mixed, with Aluminium and Nickel closing down, while Copper, Lead, Zinc and Tin all managed modest gains for the session. The price of Gold regained the ground lost in previous sessions to close USD 10.20 an Ounce higher at USD 1116.8 a troy Ounce For December delivery. Look for continued strength in the mining sector this morning, with both BHP and RIO likely to trade more than 1% higher throughout the session. You can expect the Gold miners to put on a couple of percent, or regain most of last week’s rises that were given back in Fridays brief sell off.
The Market will be looking at the minutes of the RBA meeting for some guidance tomorrow, while there are a number of AGM’s on through the week, including Babcock and Brown Infrastructure (BBI) and One steel (OST) today.
The SPI Futures have us opening some 28 points higher this morning, but direction will likely be guided by the Larger Asian markets like Hong Kong and Tokyo which at this stage look like having flat opens.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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