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IDS World Markets Fri 4th June 04


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Aha finally a weather change...forecasting squalls & thunderstorms but at least it's not so damn COLD..

 

t?s=^AORD

 

Da boyz clinging onto this record high with toenails, grappling hooks and whatever else they can muster. Not going up, not going down, just marking time. Needless to say All Ords is flat but the screen slowly turning green. Where's the snowball when you need it? :D

 

Golds all over the place: Newcrest -1.2%, Newmont +0.7%, Lihir +1.1%. In the oils, Santos +1.3% and Woodside down a smidge.

 

Over in Asia there's a small bounce on most indices after yesterday's debacle: Nikkers +0.5%, Singers -0.4%, Sth Korea +0.1% and Taiwan +0.8%.

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Sheesh what a tedious day. All Ords closed +1 measly point (flat %-wise) and it looks like we're going to get more of the sideways stuff until something gives.

 

Golds & oils much the same positions as the morning post..

 

Meanwhile over in Asia things are similiarly boring:

 

t?s=^N225

 

t?s=^STI

 

t?s=^HSI

 

t?s=^TWII

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http://www.signalwatch.com/markets/markets-dow.asp

 

 

The S&P trended slowly lower today, while the NASDAQ sold off in heavier fashion. The NASDAQ looks to be forming a highly bearish pattern, which could spark further weakness.

 

The Dow ended the day lower after forming a double top today, sparking a 67 point decline. A downside break through the bottom of the sloping range at 10,170 will likely make for continued weakness tomorrow. Otherwise, a break through 10,250 will indicate continued upside movement.

 

 

Dow 60 Minute Chart

 

DOW-60.gif

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Building approvals unexpectedly rise

 

Building approvals have bounced back, recording an unexpected rise in April.

 

The market was expecting approvals to stay in negative territory.

 

After falling in March, the number of homes given the go ahead climbed 1.5 per cent in April, defying economists' predictions of a another fall.

 

There was a small drop in the number of private sector houses approved, but apartments and townhouses propped up the figures, with a 5.7 per cent rise.

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Underwhelmingly boring here too.Jammed to a high in the first hour and then it just runs out of Viagra.Volume is so low that the big boys can abuse the index at will.

Ad Nooten rekons that yesterday the AEX broke out of a continuation pattern and that we're on our way to 351 as a retrace of the move to 319.The market just will not go down and the poodits say that a break of the 319 low mean it's coytins and we lose 45 points.

 

The call/put indicator shows that there's definitely more puts out there than calls and if it doesn't go up then there's probably a lot of stranded longs waiting to sell if it does go higher.Who knows,I'm sure I don't.

 

Maybe Doc does--I'll go read the ANALS!

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