Market to Remain Flat
June 24th, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8322.91 | -16.1 | -0.2% |
| NASDAQ | 1764.92 | -1.27 | -0.1% |
| S P 500 | 895.1 | 2.06 | 0.2% |
| FTSE 100 | 4230.02 | -4.03 | -0.1% |
| Nikkei 225 | 9549.61 | -276.66 | -2.8% |
| SPI Futures | 3752 | -15 | -0.4% |
| All Ords | 3793 | -117 | -3.0% |
| Oil | 68.81 | 1.72 | 2.6% |
| Gold | 924.3 | 3.3 | 0.4% |
| Silver | 13.845 | 0.14 | 1.0% |
| Aluminium | 1573 | 30.5 | 2.0% |
| Copper | 4782 | -43.5 | 0.9% |
| Lead | 1596.25 | 17.25 | 1.1% |
| Nickel | 14519 | 111 | 0.8% |
| Tin | 14607 | 210 | 1.5% |
| Zinc | 1489.5 | 16.75 | 1.1% |
The Dow Jones industrials Average fell 16.10 points, or 0.19%, to 8322.91, declining for the third straight trading session. The market traded in a tight range for much of the day, declining slightly in the early part of the session, after weaker-than-expected data on the housing market. The housing number was not that inspiring, which caused sentiment to turn cautious after last week's steep declines.
The Australian market today should hold steady with resources finding some support at current levels after yesterday’s shake out. However for the financial sector, there could be further declines today as the sector has not yet finished consolidating.
OIL
Oil has shown some strength over night bouncing $1.72 or 2.56% to settle at $68.81 a barrel. This is a short term bounce as we believe oil looks like it will pull back and find support around $60 a barrel.
With the Australian market at the moment consolidating we should all be having a close look at potentially adding some defensive plays to the portfolio. With the likes of WOW(Woolworths)
CSL( CSL Ltd) and BXB (Brambles) showing signs of strength as the market pulls back to support levels.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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