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.
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.
ASX 200 up 26 after a 500 point rally on Wall Street – hard to buy this downtrend.
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
We gave away a 43 point gain – Chinese PMI and rate rise risk did for the market today
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%.
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.
DIARY NEXT WEEK The US reporting season enters its final week with McDonald's, Uber, Airbnb, Pfizer, Eli Lilly, Qualcomm and Berkshire Hathaway the big names. Calendar HERE. On the economic front, we have a big week ahead. First and foremost in the USA is the big one, Fed Interest Rate Decision on Thursday morning. There is almost a certain chance that…
A pretty sorry week. Another sorry night. SPI Futures down 67, setting us up for a pretty shabby Monday start. Eighty-four new ASX 52-week lows on Friday. There should be a few more on Monday. ASX 200 did better than the US last week thanks to an absence of tech stocks (although our tech sector…
