TECHNICAL SUMMARY
Plenty of daily buy signals after one good day yesterday. ASX200, Dow Jones and S&P500.
RMD with a weekly buy signal. Smooths out the daily volatility.
Information technology oversold on a daily basis.
Futures up again – Better but far from convincing. Yet. Fed tonight – might confirm rates are high enough – that’s the hope.
Thematic Pivot – Inflation beaten in Europe, next stop recession and rate cuts. WeWork – A Rant. Last Month – The scores on the doors. September and October live up to their reputation. Another down month to go. Coming up – US Jobs Number, the US Treasury decision, and the RBA.
US equities rallied overnight, with all three major indices finishing up more than 1% following…
US equities rallied overnight, with all three major indices finishing up more than 1% following last week’s sell-off, kicking off a busy week of earnings reports, economic data and the Fed’s FOMC meeting. The Dow traded in the green all day, finishing near best levels, up 511 points (+1.58%). S&P 500 rose 1.2%, and the NASDAQ gained 1.16%, buoyed by gains in mega-cap tech stocks.
Sold some more IVZ yesterday at 26c. Great result. Up 87%.
HZR slipping away. Still interested on a pullback.
CHL – Adding this one following quarterly.
Lithium – dead and buried? Conflicting signs.
Ausbiz tomorrow.
IMARC kicks off today.
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