The Dow Jones Industrial Average was down modestly (-0.34%). On the plus side, the DJ Transport Index was up modestly (+0.25%).The other major indices that I normally cover were down with the Russell 2000 the worst of them (-0.62%).
Last night was "different". In recent days, the market has tended to gap down at the opening and then the bulls have pushed it up to finish positively - or at least a lot better than the opening down move. Last night the market gapped down (as per usual) but then travelled sideways. The weight of sentiment has moved just a little to the bear side with last night's action.
I still wouldn't read too much into last night, just yet. The major indices are still in up-trends. Until there's a clear break to the down side, the trend remains up. :)
The copper action was a bit more decisive. It was only yesterday I pointed out that copper was in a speculative bubble. Last night, it was down -2%, but look at the volume! Talk about rats leaving a sinking ship. Again - it's only one day's action. But the punters are getting nervous. I think there's probably a bit more in the copper run - but last night's action gives a taste of what will happen when the bubble finally explodes. And it won't be pretty.
Gold in Ozzie Dollars is up +1.47% in the past 24 hours. Given that the Gold ETF was up 0.34% yesterday in Australia, we can expect some solid catch up today in Australian trading (barring an unexpected pull-back).
Remember - Gold in Ozzie Dollars tends to trade inversely to the general Australian market.
Good luck
Red
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