Last night the Dow Industrials were up marginally, +0.04%. The Nasdaq was reasonably strong, +0.58%. The S&P500 was up modestly, +0.22% while the Russell 2000 (Small Caps) was also up modestly, 0.22%.The markets in the developed world were mixed with the worst of them the Canadian markets, once again affected by a big falls in gold and oil. Tokyo was the best +0.74%.
Overnight the Australian Dollar was down -0.72%. Unless that can be reversed today it may impact negatively on the Australian stock market. That's not showing up on the SPI Futures which is up modestly before the open (11 points).
I had been nervous about the big fall in Industrial Metals on Tuesday night, but last night the Industrial Metals were up 0.97% following a small rise the night before, so that may be counteracting the fall in the Ozzie Dollar.
Today looks like being another muted day on our market. This could go either way. Volumes are once again likely to be high with settlements occurring as a result of yesterday's options expiry.
We're coming into February next week. All months of the year except September have a slight upward bias based on historical records; but February is one of the weakest months. Given the extraordinary run the American market has had since the beginning of December, some weakness in February can be expected. But don't bet on it just yet, Dr Ben is still handing out the Dollars.
Good luck
Red
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