The week that was
March 27th, 2009 by Neil Gynther
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7924.56 | 174.75 | 2.3% |
| NASDAQ | 1587 | 58.05 | 3.8% |
| S P 500 | 832.86 | 18.98 | 2.3% |
| FTSE 100 | 3925.2 | 24.95 | 0.6% |
| Nikkei 225 | 8636.33 | 156.34 | 1.8% |
| SPI Futures | 3712 | 47 | 1.3% |
| All Ords | 3,586.00 | 40.1 | 1.1% |
| Oil | 53.87 | 1.63 | 3.1% |
| Gold | 940 | 4.2 | 0.4% |
| Silver | 13.62 | 0.183 | 1.4% |
| Aluminium | 1410 | 50 | 3.7% |
| Copper | 4078 | 188 | 4.8% |
| Lead | 1310.5 | 58.5 | 4.7% |
| Nickel | 9780 | 295 | 3.1% |
| Tin | 10305 | 80 | 0.8% |
| Zinc | 1309 | 73 | 5.9% |
Overnight the US markets rose with the NASDAQ actually in positive territory for the year. The Dow closed 174.75 points higher, the NASDAQ 58.05 and the broader S&P 500 rose by 18.98. As expected there were some terrible GDP numbers but, as we thought could happen, the figures were not as bad as the market expected so the indices’ were all up.
Oil touched a 4 month high closing up $1.63 a barrel at $53.87. We are cautious here as the GDP numbers are weak and US oil inventories rose. Long term oil is tipped to go back to around $75.00 a barrel but there needs to be a significant increase in economic activity before we see this. Look for some weakening in the oil price in the next week.
Gold rose $4.20 to $940.00 an ounce. There should be some strength in the Gold stocks today. If you were not exercised yesterday on options over gold shares then today would be a good day to write new positions.
The Australian market will be positive this morning as it appears to want to test the 3800 level (on the S&P 200). We still are not sure of the direction in the next few weeks but this rally has been very steep and volumes have not been convincing. This is the reason we are cautioning jumping in with all guns blazing right now. Keep some powder dry, the next few days should see a clearer indication of where our market is heading.
We will be looking closely at trends from here and overseas to determine the stocks to buy and the timing for clients to re-enter the market and write some premium.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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