MARCUS STRATEGY – LESS PESSIMISM
A better night but not buying – Less pessimism does not equal optimism.
Lots of Technical support levels breaking.
Bond yields keep rising despite a sharp drop in the oil price.
Lots of central bank action this week. Good excuse to do nothing.
TECHNICAL SUMMARY
68 stocks in the All Ords hit their 52-week low yesterday. MQG included in the list.
NASDAQ up overnight, but finished last week down 12% from the high in July.
Industrials Sector oversold on a weekly basis.
SQ2 hits a 52-week low following the NASDAQ lower.
We gave away a 43 point gain – Chinese PMI and rate rise risk did for the market today
The ASX 200 finished near flat, up 8 points to 6781 (+0.1%) as an early rally reversed. Resources stumbled lower as gold miners slid, EVN off 1.1% and NST down 3.3% and economic data from China disap
ASX 200 up 26 after a 500 point rally on Wall Street – hard to buy this downtrend.
Gina pounces on AZS,
CXL gets its own Heirloom.
Nickel market in a state of flux.
Threats to iron ore producers from green policies.
Usual US Check Ins
IMARC Resource Conference kicks off tomorrow.
Wall Street closed mixed overnight as markets grappled with weak earnings reports and data that supported the possibility of sustained low interest rates. The Dow tumbled 367 points (-1.12%). Up just 3 points at best. Down 457 points at worst. The S&P 500 erased earlier gains and fell 0.48%, while the NASDAQ added 0.38% amid mixed earnings reports.
US markets closed mixed on Friday night after markets digested hot inflation and consumer spending data with company earnings reports. Dow Jones lost 367 points (-1.12%), the S&P lost morning gains to close down 0.48% and the NASDAQ rose 0.38%. The Dow was dragged lower by Chevron (-6.72%), and the NASDAQ mainly lifted due to big jumps in Amazon (+6.8%) and Intel (+9.29%). In Europe, markets also fell. DAX down 0.3%, STOXX 600 down 0.84% and FTSE down 0.9%.
