Running with the bull market
August 3rd, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,674.38 | 208.44 | 2.0% |
| NASDAQ | 2,295.36 | 40.66 | 1.8% |
| S P 500 | 1,125.86 | 24.26 | 2.2% |
| FTSE 100 | 5,397.11 | 139.09 | 2.6% |
| Nikkei 225 | 9,570.31 | 33.01 | 0.3% |
| ASX 200 | 4,541.60 | 46.8 | 1.0% |
| COMEX Gold - Dec 09 | 1182.4 | 0 | 0.0% |
| COMEX Silver - Sep 09 | 18.419 | 0.416 | 2.3% |
| COMEX Copper - Sep 09 | 338.95 | 7.8 | 2.4% |
| WTI Spot | 81.34 | 2.39 | 3.0% |
| AUD-USD | 0.9139 | 0.0083 | 0.9% |
| Aluminium | 2,184.50 | 57.5 | 2.7% |
| Copper | 7,336.00 | 141 | 2.0% |
| Lead | 2,085.00 | 20 | 1.0% |
| Nickel | 21,420.00 | 860 | 4.2% |
| Tin | 19,825.00 | 275 | 1.4% |
| Zinc | 2,000.50 | 27 | 1.4% |
U.S. investors kicked off the month with a bang pouring into stocks, oil and the Euro as hopes grew for a robust global economic rebound. The Dow soared, up 208.44 points or 1.99% to 10674.38 points with all 30 components in the black. The strong start to the month helps consolidate recent gains, the Dow climbed 7.1% for July. The market was driven higher following a plethora of stronger than-expected quarterly reports from European banks coupled with an announcement from HSBC that its profit for the first half of the year doubled, topping analysts expectations. The bank earnings helped boost European markets, the FTSE 100 was up 2.65%
The positive momentum from July is carrying over into August.
Energy stocks jumped in US trade as crude-oil prices climbed above $US81 a barrel. Look for a positive session on our market from WPL, OSH & STO. Oil prices have flirted with the key $US80 a barrel mark for the better part of two months, stuck in a trading range of $US70 to $US79 a barrel. Rising global equity markets have boosted sentiment and hopes of an increased energy demand.
The Aussie market is expected to open stronger following positive off-shore leads. The SPI is currently trading up 48 points just shy of 4600 points.
In company news, Barrick Gold has ruled out a takeover bid for Lihir Gold that would trump the $9.7 billion scrip and cash offer from Newcrest Mining. This was confirmed yesterday at the annual Diggers & Dealers mining conference in the goldmining town of Kalgoorlie.
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.