Market To Roar
July 16th, 2009 by Lawrence Grasso
Closing Data
| Current | +/- | % | |
|---|---|---|---|
| Dow Jones | 8616.21 | 256.72 | 3.1% |
| NASDAQ | 1862.9 | 63.17 | 3.5% |
| S P 500 | 932.68 | 26.84 | 3.0% |
| FTSE 100 | 4346.46 | 108.78 | 2.6% |
| Nikkei 225 | 9269.25 | 7.44 | 0.1% |
| US Bond 10 Yr | 3.6058 | 0.1355 | 3.9% |
| US Bond 30 Yr | 4.4905 | 0.1178 | 2.7% |
| COMEX Gold - Aug 09 | 939.4 | 16.6 | 1.8% |
| COMEX Silver - Jul 09 | 13.208 | 0.353 | 2.7% |
| COMEX Copper - Jul 09 | 239.2 | 9.3 | 4.0% |
| WTI Spot | 61.49 | 1.87 | 3.1% |
| Aluminium | 1622.5 | 56.5 | 3.6% |
| Copper | 5181.5 | 170.5 | 3.4% |
| Lead | 1611 | 42 | 2.7% |
| Nickel | 15880 | 425 | 2.7% |
| Tin | 13370 | 285 | 2.2% |
| Zinc | 1517.5 | 48.5 | 3.3% |
The Dow Jones Industrial Average leapt 256.72 points or 3.07% to close at 8,616.21, capping a powerful three-day rally for the US market.
Wall Street fired on all cylinders Wednesday as the market was ignited by surprisingly strong results from tech giant Intel and an improved Federal Reserve outlook. Late Tuesday Intel reported earnings per share that tore past market expectations. That sparked gains overseas that spilled into US trading. Furthermore the rally gathered momentum after the Federal Reserve raised its growth outlook for the US economy and said this would likely lead to an easing of its unprecedented stimulus efforts.
The Australian market today should gap up due to a strong lead on Wall street. With commodities across the broad up between 2-4%, keep an eye on your favourite resources stocks to soar. In fact we will see a strong move across all sectors on the market. Look for the XJO to fill a gap on the daily chart today back at around 4031. If the market does climb to 4031 today this will be a crucial level in the market as our recent high back on the 12/06/09 saw the market hit resistance and pull back. If we are able to hold this level we could potentially break out on the upside.
For those clients waiting to sell calls on some of their positions - today would be a great day to do so. Don’t hesitate to contact your broker to take advantage of today’s move.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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