Wednesday, 7 January 2015

3pm update - normal service resumes

The bears managed to knock the market from sp'2093 to 1992 across 6 trading days... another of those rather standard 5% retraces. It would seem highly probable new historic highs are due before month end. Meanwhile... Gold -$4, whilst Oil has rebuilt gains of 1.9%


sp'60min


Summary

Suffice to say...  5 consecutive net daily declines... and we're back to normal service.

Next big data point is the Friday jobs data... that will surely come in 'fine'... and be an excuse for a weekly close somewhere close to break even (sp'2058).

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Notable strength: AA +2.1% (earnings next Tuesday)... one of my 'holy trinity for 2015'.