Zipping merrily northward at this early hour. All Ords +1% with Gold doing its thing, +2.8% followed by Materials +1.7% and Miners +1.6%. There's no red sectors but REITS +0.4% has the smallest gain.
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3 months ago, i was reading some of these trader blogs out there and everyone wants to short at S&PEE 1100 & Dow 10334. Well, it's here and now folks want Dow 10,500 and S&PEE 1140. I'm sure if it does get there, every bear will want 11,000 and 1,200 on spooz. You see? The problem with most bears is, they don't believe their own bullshit.
It's a pretty clear cut trade right here with max 5 point lost potential but yet bears are scared shitless. If the 50% retrace level for the Dow isn't a place to try, these bear blogs out there should just close shop.
It was a strenuous effort but All Ords managed to close a few points higher than last week's closing high. The index finished +1.1% with Gold and Materials sharing top position, +3.1% and Miners next, +3%. Energy also did well, +2.1%. At the other end Financials had a bad case of the wilts, -0.7% and IT came in -0.1%.
All green in Asia: China +2.4%, Honkers +1.5%, India +1.1% and Nikkers +0.1%.
Nov. 16 (Bloomberg) -- Prices paid by New Zealand farms, factories and other producers for commodities and services needed to run their businesses fell in the third quarter, led by lower milk and power prices.
Producer input prices declined 1.1 percent from the second quarter when they were unchanged, Statistics New Zealand said in Wellington today. From a year earlier, input prices dropped a record 5.8 percent.
Prices paid by dairy companies for milk fell 21 percent, the largest decline in seven years, today’s report showed. Payments for milk are recorded only once a year, in the third quarter, the statistics agency said.
Prices paid by power companies dropped 8.2 percent because of higher inflows to hydro storage lakes and cheaper natural gas, the agency said. Steel prices fell, reflecting the stronger New Zealand dollar which made imports cheaper, it said.
The annual decline in input prices was led by a 32 percent slump in electricity costs and cheaper crude oil.