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IDS World Markets Tues 13th April 04


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The bullz attempted a leap at open but it failed dismally. All Ords currently -0.1% and it looks like a steady downhill grind for the day at this stage. Stocks are mixed even within sectors. Newscorp not helping at -1.5% and the banks looking tired as well.

 

In the golds Newcrest +1.9% but the others in the red. Oils: Woodside +1.4% and Santos -0.8%.

 

Asia up but nothing spectacular: Nikkers +0.6%, Singers +0.3% and Sth Korea +0.4%.

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This explains Newscorp's fall from grace today:

 

Doubts Raised By S&P On News Corp's Proposed Move To US

 

SYDNEY, April 13 Asia Pulse - News Corporation's (ASX:NCP) plan to shift to the US may have hit a snag after Standard and Poor's said it was not in favour of companies being part of key indices in more than one country.

 

The move aims to garner the company greater access to global capital markets but S&P Index Committee chair David Blitzer said it would be highly unsual to allow News Corp to be part of the S&P 500 in New York while being listed on our ASX 200.

 

News Corp chairman and chief Rupert Murdoch said last week he was confident the company could obtain dual listings.

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Wowza, good day for the bearz. All Ords went into the waterfall decline closing -12.8 (-0.4%). The 5-day chart shows a text book head & shoulders.. http://finance.yahoo.com/q/bc?s=^AORD&t=5d Newscorp, closing -1.7%, undoubtedly contributed but the banks looked seedy as well. We might see a sideways move from here.

 

In the golds Newcrest continued to surge, +2.5% and the other golds closed off their lows. Woodside closed +1.6% and Santos -1.6%, bit of a % divergence on those 2.

 

Asia mixed: Nikkers +0.7%, Honkers +1.2%, Singers and South Korea basically flat.

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Specially for the European opening the Bahamian 3am Bonerama Specialists and Spoos Jammers are giving it their best shot of the night!

 

All in the plus here for as long as it lasts.Banks are up,despite an anouncement before the weekend that 5-year fixed mortgage rates are to go up by 0.3%.Apparently a large "netrush" over the w/e to get in at those low pre w/e rates.

 

Hi Aussie.You were soooo alone here yesterday,I felt a bit guilty!

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Here,it looks like they are playing the game of "Whack the Fibo"!

 

From the bottom,it took 'em 7 days to get to the 50% fibo,then in 1 day they took out the 50 and 61.8% retrace levels.One week maintaining above 61.8% and now on their way to 78.6%--2 points higher than we are now.Reeks of desperation but WDIK.

 

Sometimes look at a site that gives its EW opinion on the AEX.They don't know yet whether this present up,is a wave 2 prior to 3 or something much more complex and beyond my comprehension.

Anyone know how much a wave 2 is allowed to retrace before it's not allowed to be a wave 2 and something beyond my ken???!

 

And at the "alpine snowboarding championships" at the weekend Ms.Euro

discovers that off-piste ski-ing can have its pitfalls----aarrrggghhhh!

Careful with that ravine Eugene!

post-3-1081845276_thumb.png

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Aussie:I didn't even realise that the US was open yesterday until an hour after it closed!!!!!!!!!

 

How's that for dedication?!

 

I must be preparing myself to become nothing more than an amused bystander and observer.With Eye-Rak a complete shambles the polits will likely turn their attention to the SM during the summer.It's the only thing they know how to control well via the Matrix and Da Boyz--so now they'll spend even more time and effort pumping and jamming!BWDIK!

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