ASX200 Stock and CFD Report 17-7-09

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The SFE Futures up 31 points overnight. BHP and RIO both up in ADR form overnight, up 0.94% and 1.65%. Up 0.01% and down 1.14% in the UK. BHP closed at the equivalent of 3519c, up 28c on last night’s close. Metals flat – Copper down 0.02%, Nickel up 1.01%, Zinc up 0.59%, Aluminium up 2.52%. Oil price up 58c or 0.94% to $62.07. Gold down $4 to $935. Bonds up – 10 year yield at 3.557% down from 3.596%. A$ slightly up to 80.54c versus 80.40c yesterday morning. CRB Commodities index up 0.5%. VIX Volatility Index down 1.82% to 25.42.

 Nasdaq has its seventh up day on the trot. Strength in the technology sector is representative of hopes that business spending is going to improve…a good general economic indicator. Better than expected weekly jobless numbers didn’t seem to impact. Lowest jobless numbers since January but perhaps due to the absence of auto plant closures. Philadelphia Fed survey business outlook survey was worse than expected and contradicted some other recent signs of an improvement in manufacturing. July NAHB/Wells Fargo Builder Confidence Index. This National Association of Home Builders (NAHB) compiled gauge of confidence amongst US homebuilders increased to 17 in July, from 15 in June. Accompanying measures of sales and of prospective buyer traffic went higher over the month. In Agribusiness sector – Mosaic Co jumped by 10%+ on talk that Vale SA could bid US$25B for the fertilizer maker.

The market is down 5 and drifting. We were up 31 at one stage this morning. The SFE Futures were up 31 overnight. After an 8.56% rally from the low last week to the high today there are suggestions that we will see traders selling before the weekend.

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