TECHNICAL SUMMARY
ASX200 and All Ords hit a 52-week low. Next support not until 6440.
Only four daily buy signals and two sell signals in the All Ords.
ASX 200 closed up 15 points at 6827 (0.2%) down only 1% for the week.
ASX 200 closed up 15 points at 6827 (0.2%), down only 1% for the week.…
US equities closed sharply lower overnight, weighed down by the latest batch of corporate earnings. The Dow Jones finished near worst levels, down 105 points (-0.32%). Dow up 127 points at best. Down 152 points at worst.
Heading back up to Sydney after the two-day Microcap conference. Probably the best question of the two days was Dean Fergie from Cyan Investment was, ‘why are you listed?’ With a market cap of some of these companies around $5m, it does beg that question. The fees and compliance costs involved ($250K pa?) would be a massive percentage of the business revenue. So good on you Dean for asking the question. Of course. ma
TECHNICAL SUMMARY
S&P/ASX Small Ords on a 52-week low.
Consumer staples oversold on a weekly basis and hit a 52-week low. Both WOW and COL oversold on a daily basis.
Lots going on – none of it great. Cash is King. Alphabet bombs on weak cloud result (rest of the result was OK). Big Tech in official correction – NASDAQ down 10% from a recent top. No AI Boom trade this results season then. Bond yields higher again both here and there. CPI number prompts “Two rate rise” talk.
PLS has released September Quarter earnings this morning – Key points from the release are:
Revenue has fallen 42% compared to Q2, coming in at $493m.
144kT of Spodumene Concentrate was produced (down 11% from prior Q).
A similar amount was sold at a realised price of US$2240/T.
SPI Futures down 18 as Alphabet drops 9.5% dropping the NASDAQ 2.4%
ASX 200 fell 42 points to 6812 (-0.6%),2023 closing low despite a small rally into…