ASX200 Stock and CFD Report 10-7-09

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The SFE Futures up 13 points overnight. BHP and RIO both up in ADR form overnight, up 0.76% and 1.94%. RIO up 3.7% in the UK. BHP closed at the equivalent of 3225c, down 4c on last night’s close. Metals mostly up – Copper up 3.7%, Nickel down 0.3%, Zinc up 1.4%, Aluminium up 2.4%. Oil price up a few cents, enough to break a 6 day losing streak. Up 21c to $60.36. Still on close to a seven week low. Gold up $7 to $916. Up 0.76%. Hit a 2 month low yesterday. Bonds down – 10 year yield at 3.413% up from 3.289%. A$ up to $78.38 versus $77.99 yesterday morning.CRB Commodities index up 1.4% on a fall in the US dollar. VIX Volatility Index down 4.86% to 29.78. Hit 33 mid session yesterday.

Semiconductor sector up 2.8%. Retailers up 0.4%despite a number of disappointing same store June retail salesnumbers. US$ fell helping commodity prices to go up. Alcoa didn’t manage to hold it’s after market rally post yesterday’s results and closed down 2.4% on the day. Warren Buffett commented that the US economy was not yet in recovery and could need more federal stimulus.  Materials (Resources) up 1.0%. Energy sector up 1.1%on the first rise in the oil price in a week. Financials up 1.4%. Best sector on the day. Goldman Sachs Group Inc and others saw upgraded earnings projections from analysts ahead of upcoming June quarter results.

The market is up 10 having been up 28 at best. The SFE Future were up 13 overnight. The Dow Futures are down 13 at midday. Media sector dominating the headlines with both James Packer and Kerry Stokes lifting their stakes in Consolidated Media Holdings and one broker ugrading recommendations in the sector saying it is approaching a turning point. .

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