Market stumbles into September
September 2nd, 2009 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9310.6 | -185.68 | -2.0% |
| NASDAQ | 1968.89 | -40.17 | -2.0% |
| S P 500 | 998.04 | -22.58 | -2.2% |
| FTSE 100 | 4819.7 | -89.2 | -1.8% |
| Nikkei 225 | 10530.06 | 37.53 | 0.4% |
| ASX 200 | 4,515 | 35.5 | 0.8% |
| COMEX Gold - Dec 09 | 956.5 | 3 | 0.3% |
| COMEX Silver - Sep 09 | 15.035 | 0.137 | 0.9% |
| COMEX Copper - Sep 09 | 279.65 | -1.15 | -0.4% |
| WTI Spot | 68.05 | -1.91 | -2.7% |
| AUD-USD | 0.8261 | -0.0183 | -2.2% |
| Aluminium | 1830.5 | -50 | -2.7% |
| Copper | 6240.5 | -250 | -3.9% |
| Lead | 2072 | -46 | -2.2% |
| Nickel | 18530 | -1065 | -5.4% |
| Tin | 14150 | -250 | -1.7% |
| Zinc | 1820 | 0 | 0.0% |
The Dow Jones Industrial Average closed down 185.68 points, or 1.96%, to
9310.60, marking its biggest point and percent drop since Aug. 17. The index fell for the third straight day, its longest losing streak since June 24. Within the index, the three leading decliners were Bank of America, off 1.13, or 6.4%, to 16.46; American Express, down 1.84, or 5.4%, to 31.98; and JPMorgan Chase, which slid 1.79, or 4.1%, to 41.67. Concerns about the calendar, given that September has historically been one of the market's weakest months, as well as fears that the banks had gained too much were the crux of the sell-off last night.
The local share market looks like it will open lower this morning following a weak lead from Wall Street overnight. A fall in metal prices will weigh on mining stocks, while financials are likely to drag the market lower on concerns for the health of their U.S. peers.
Checking ex-dividends, and among those going today we have Aristocrat Leisure with a 4.5 cent fully franked dividend, Bendigo Mining with 0.5 cent unfranked dividend, Hunter Hall International with a 26.4 cent fully franked dividend and Tatts Group with an 11 cent fully franked dividend.
Oil has shown it has hit resistance at around the $73 mark a couple of days ago and is now back down to $65. This will see oilers across the board come off over the next couple of weeks.
RIO is at present showing the highest volatility and the best option premium. With today’s falls we will be doing a Buy/write scenario for RIO tomorrow.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.