Has the ASX lost its "Marbles?" It’s all about the Water…
Has the ASX lost its marbles?
Yesterday’s “shut-down” for 98% of the day’s trade, was nothing short of “embarrassing” for the new ASX CEO.
Surely, a company with its size and global importance (remember, global fund managers are also placing trades on the ASX and SFE to hedge their portfolios), would have some “circuit breakers” in case of something like this happening…
We hope that our friends at the ASX have stayed up all night and fixed the problem, as we have trades to place, especially leading into tomorrow’s FOMC meeting…
Will they or wont they raise rates??
We don’t think that they will, however, their “stance” may change and this is what we are keeping a look out for.
As we’ve been writing about, today, our new PEAK OPPORTUNITY will go live so keep a close eye on it in the afternoon.
Emefcy (EMC) is a stock we’ve been writing about and a break of $0.86 will see it rally quickly towards $1.00+… one to keep an eye on…
Today we will also be catching up with Paul Rennie (CEO of PAR) for an update…. This has been a great performer for us, so keep an eye on it.
Our friends at Swift (SW1) are continuing their road show, this time seeing funds and brokers in Perth. Another of Peak’s investments that has done exceptionally well.
So what can we expect today if the ASX does open for trading??
Last night, Oil climbed 0.6 percent to close at $43.30 a barrel on the New York Mercantile Exchange. The more-active November contract rose to $43.86.
Gold futures for December delivery gained 0.6 percent to settle at $1,317.80 an ounce at 1:38 p.m. on the Comex in New York, marking the biggest gain since Sept. 6.
"The market’s moving on trepidation about the upcoming Fed meeting, which has had a big impact on the dollar," said John Kilduff, partner at Again Capital LLC, a New York hedge fund focused on energy.
"There’s also a lot of sorting out of the OPEC comments. There are some people who pay inordinate attention to them."
So expect a rebound today, driven by energy and gold producers, however, trading will remain “cautious” leading into the FOMC
The SPI is up 8 points this morning
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business