Markets' climb slowing
April 20th, 2009 by Cale McCulloch
Closing Data
| Current | -/+ | % | |
|---|---|---|---|
| Dow Jones | 8131.33 | 5.9 | 0.1% |
| NASDAQ | 1673.07 | 2.63 | 0.2% |
| S P 500 | 869.6 | 4.3 | 0.5% |
| FTSE 100 | 4092.8 | 39.82 | 1.0% |
| Nikkei 225 | 8907.58 | 152.32 | 1.7% |
| US Bond 10 Yr | 2.947 | 0.113 | 4.0% |
| US Bond 30 Yr | 3.7986 | 0.0841 | 2.3% |
| COMEX Gold - Jun 09 | 867.9 | -11.9 | -1.4% |
| COMEX Silver - May 09 | 11.79 | -0.465 | -3.8% |
| COMEX Copper - May 09 | 219.4 | 2.45 | 1.1% |
| WTI Spot | 50.36 | 0.39 | 0.8% |
US markets closed with little change on Friday, but managed to finish higher for the 6th week in a row. GE and Citigroup reported earnings on Friday, with Citigroup managing to beat estimates although this was largely a result of some tricky accounting whereby they were able to book a profit for the Citi shares that they will be able to buy back at a lower price due to declines in the Company's share price.
Spot Gold fell USD 11 per ounce while Oil gained slightly following on from a negative week for the energy sector to close back above USD 50 per barrel.
Base metals were strong on the London Metal Exchange, with Zinc and Tin leading the gains. The duo managed to close 4% and 6% higher respectively. This strength in base metals may provide a degree of support to the Australian miners that look to have been running out of puff of late. Also in the mining sector today, keep an eye out for results of the Rio AGM, where the board is likely to face investor backlash over the proposed Chinalco investment, as well as the handling of the BHP Bid that was withdrawn late last year.
Although the SPI has us opening up some 33 points, look for weakness throughout the day as investors may look to take some profits off the table ahead of more results on Wall St this week. The broader markets outside the financial sector set to get stuck into reporting this week. This should provide a better look into the actual impact of the financial crisis on the real economy, tricky accounting and window dressing aside!
If you have been holding off on selling call options or have any uncovered positions, today is the day to sell those calls out to May.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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