Wall Street ended higher overnight in a muted day of trade ahead of CPI data Wednesday. Dow Jones up 210 points (+0.62%). Dow at best up 223 points. Dow at worst down 29 points. S&P 500 up 0.24%. NASDAQ was little changed up 0.18%. VIX +1.62%. US treasuries were lower, 2Y yields continued to come…
Wall Street ended higher overnight in a muted day of trade ahead of CPI data Wednesday.
SUMMARY The most significant observation is a "Top in Tech". We have Weekly (more significant) sell signals on the NASDAQ and a number of Tech related ETFs. Weekly sell signals on the S&P 500 and S&P 100. Is the US topping out? A buy signal (Daily) on gold. Not a lot of ASX signals. The…
SUMMARY Leo Lithium (LLL) roaring ahead again. Patriot Battery Metals (PMT) – Questions answered. Delta Lithium (DLI) – Is it still a buy? On the Couch Podcast released. Focus on Critical Minerals. LRS Where to from here? Why ESG isn’t that easy. On the Call tomorrow. More housekeeping too. 3.00 pm Update Both LLL and…
SUMMARY A few strategists fussing about bond yields and mentioning 1987. Early signs of Big Tech running out of steam. All eyes on the CPI number tomorrow night. Banks – why they are some of the best income stocks in the World. A STOCK TAKE on APE. Cheap cyclical income stock in a sweet spot.…
MARKET AT MIDDAY The ASX 200 is up 66 points to 7070 (+1%), rebounding from three-month lows, and on track set to snap its four-day losing streak. Gold and Lithium miners leading the advance on stronger metals prices, with Evolution Mining (EVN) +3.2% and Alkem (AKE) +2%. Tech stocks also performing well, with Wisetech (WTC) +1.8%, Block Inc (SQ2) +4.1%, and REA Group (REA) +2.5%. Aussie bonds dropping lower. 10-Year down 2bps and 2-Year down 7bps. Dow futures down 4 points.…
Not the best list of headlines today but the market doesn’t care, and that’s a bit of a theme – see below.
Some of the headlines:
US corporate earnings season unlikely to fuel fresh gains in the stock market.
S&P 500 braces for profit warnings.
Rate fears accelerate.
Fed’s QT program to kick in in coming months.
Eurozone sentiment weakens for a fifth consecutive month.
Deflationary spiral risk in China. This comes after the Chinese CPI number of 0% yesterday and PPI numbers showing the biggest decline since 2015. It is a reflection of the weak Chinese economy which doesn’t wash well for resources stocks. The pressure is on for the PBoC to stimulate the economy, but the
ASX 200 closed up 105 points to 7109 (+1.5%), lifted by mining and gold stocks snapping a four-day losing streak with all sectors in positive territory. Gold miners outperformed today as gold prices firmed slightly overnight, and the US dollar extended a small retreat. EVN +4.6%, NST +3.1%, and NCM +1.8%. Mining trio BHP, RIO…
ASX 200 closed up 105 points to 7109 (+1.5%), lifted by mining and gold stocks snapping a four-day losing streak.
ASX 200 closed down 38 points to 7004 (-0.5%) after a jump of 42 points at the opening bell, rebounding from last week’s sell-off before the market turned lower on weak consumer inflation data from China. Gold outperformed today, tracking an uptick in bullion prices. NST and NCM up 1.8% and 1.1%, respectively. Energy stocks…
