Chart Watch 2008-12-09

Sounding like a broken record but another good lead from the US (DOW, S&P 500 and NASDAQ all up over 3%), but this time the ASX could not manage to follow through. The S&P 500 looks to be testing the 50MA, so the next couple of days should be interesting, especially to see if the market can shake off any further bad news.

Bad news seems to be plentiful for the Australian Market
* Commonwealth Bank to sell $1.25bn in 3 and 5 year bonds (CBA down 8%)
* Wespac raises $2.5bn capital
* Pacific Brands cut dividend forecast by about 65 per cent
* Panel of economists give Australia a 40% chance of entering a recession

Good news included
* Resources up after higher commodity prices (with BHP Billiton rising 4.51 per cent to $28.45, and Rio Tinto lifting 3.95 per cent to $33.35, while fellow iron ore miner, Fortescue Metals Group, rode the wave, climbing 7.33 per cent to $2.34)
* Three sources indicate potential Chinese suitors for Oz Minerals (OZL)

Trends*
Long Term - Down
Intermediate - Down
Short Term - Up

*10MA, 30EMA and 200MA used to determine trends

Read more...

Visual Guide to the Global Economic Crisis

Great visual representation of how the global economic crisis played.

Read more...

Chart Watch 2008-12-08

XJO - ASX 200



After a good lead from the US (DOW, S&P 500 and NASDAQ all up over 3%) shaking off some negative job data, our market has followed through with a 4% gain, also shaking off the ANZ job ad numbers. XJO ended the day at 3631.60 (up 4.06%).

Some other of the negative news out today which the market seemed to ignore include;
BHP may require to cut iron ore production
RIO could cut thousands of jobs
Harvey Norman (HVN) warned some of its stores could close

Trends*
Long Term - Down
Intermediate - Down
Short Term - Up

*10MA, 30EMA and 200MA used to determine trends

Read more...