Wall Street closed higher overnight as economic indicators and statements from Federal Reserve Chair Jerome Powell bolstered expectations of a forthcoming rate cut. The Dow rose by 0.20%, the S&P 500 by 0.51%, the NASDAQ by 0.58%, and the Russell 2000 by 0.70%, though they ended slightly below their peak levels. Powell affirmed the Fed's…
SUMMARY Bull run not over yet. Markets head higher again. Cash in MQG for now. Iron Ore drifts lower. No change to BHP. BOE and LLC not coming to life yet. Few tech sell signals around. Short term only with the NASDAQ up overnight. MFG forming a nice uptrend after jumping 7.9% yesterday. CTT breaks…
SUMMARY Powell behaved. Bond yields liked it. Relax. The NASDAQ steadied. Tuesday's sell-off didn't develop then. Record highs on US, Australian and European equities, Gold and Bitcoin – Normal? The Anatomy of a Crash. Lessons from 1987. Yesterday's Australian GDP number – anaemic growth means rate cuts are coming. The ex-dividends keep coming. BHP and…
Powell doesn’t disturb – Cracks appearing in Big Tech – BHP and RIO ex-dividend – thinking about an FMG One Stock Portfolio instead of BHP.
ASX 200 finished up 30 points to 7758 (+0.4%) despite the heavy weight of large-cap ex-dividends. Once again, banks leading the way with the Big Bank Basket up to $209.87 (+0.7%). MQG rose 0.8%, and CBA hit record highs up 0.8%. GQG rose 2.8% on FUM news, ASX up 0.8% despite being fined by ASIC.…
SUMMARY Wall St sells off lead by the NASDAQ. Has the short-term top hit? Daily sell signals from the REIT, consumer discretionary and financial sectors. MQG in cash and coming off the top. No change to LLC and BOE trades. No change to BHP One Stock Portfolio. Markets appearing unimpressed by the latest round of…
The Nasdaq Composite pulled back by 1.65%. Apple slips.
Dow lost 1.04%, to 38,585.19.
The S&P 500 dipped 1.02%.
ASX SPI down 10
Was that the Big Tech Top? Far too early to say. And Nvidia was up. Our Futures only down 10 – a lack of Tech helps sometimes. Cynicism over China’s “meaningless” 5% GDP target. Concerns for Tesla’s and Apple’s Chinese sales. Lithium smashed again – Albermarle exploits the froth. Goldman predicts 25% fall in lithium from here. Short covering rally won’t last. Bond yields conming down nicely. Powell speaks 2am Thursday morning. Bitcoin tops out for a day. Lots of ex-dividends again.
