US Inventories at 17 year lows but is it time to buy energy stocks now?
The Western Bulldogs have caused a major upset last night, beating the Eagles on their own turf….
Tonight, our Hawks take on the Cats at the “G” and if it continues to rain, the hawks are in the box seat…
Don’t write us off just yet…
Last night, US stocks fell (Dow Jones -46 points), as Apple introduced its new iPhone 7, while Tractor Supply fell by 17% as it cut its profit outlook.
Crude oil (+2.97%) as data showed the biggest draw-down in supplies in over 17 years….
This is interesting….
Will oil stocks start to rally?
In Europe, Mario Draghi failed to announce further stimulus ……….. driving the EUR higher .
Traders were taken aback by Mario Draghi’s signals that the ECB is in no rush to boost its asset purchases at a time of mounting concern over a euro-zone recovery after the U.K.’s secession.
“A lot of people wanted to see a bit more stimulus from Draghi today, or at least an extension to the program,” said Yogi Dewan, the chief executive officer of Hassium Asset Management in Gerrards Cross, U.K. His firm manages about $1 billion.
“At the end of the day, Europe’s economy isn’t in great shape, inflation doesn’t look exciting and there are a bunch of political risks to reckon with.”
In Oz, stocks fell by 48 points yesterday, as commodity & energy producers and retailers fell on weaker than expected economic data
The question remains…..
What will send the ASX back to 6,000+ points in the near-term?
We see “flat” growth leading into Christmas, however, keep an eye for the next Peak Opportunity, as this will be a standout.
The SPI is down 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