| Subject: Thursday October 14th shaows stronger than average trading volume |
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Date Posted: 13/10/10 19:28:28
In reply to:
Flowers===VOY===spring.chartsif it breaks Monday's high at 4713.0==Oct 11th
's message, "stronger-than-average trading volume." on 13/10/10 19:27:22
>Australia Shares Midday: Up 1.6% Amid US Dollar
>Weakness
>14/10/2010 1:17PM
>
>SYDNEY (Dow Jones)--The Australian share market has
>rallied to a three-day high on Thursday as U.S. dollar
>weakness and consequent buying of Australian dollars,
>commodities and equities has added to the upward
>pressure caused by continued strength on Wall Street
>overnight.
>
>At 0209 GMT, the benchmark S&P/ASX 200 was up 1.6% at
>4694.9 after rising to 4697.6 on stronger-than-average
>trading volume.
>
>On the charts, the recent bearish five-point reversal
>pattern that is developing on the Australian share
>market will be neutralized if it breaks Monday's high
>at 4713.0, according to Dow Jones Newswires technical
>analysis.
>
>The index could test the April peak at 5025.0 in
>coming months, based on an inverse head and shoulders
>pattern, which will continue while the index stays
>above support at 4559.0.
>
>Overnight, the S&P 500 rose 0.7% on positive earnings
>reports and growing expectations of quantitative
>easing by the U.S. Federal Reserve.
>
>"There was some profit taking earlier this week,
>perhaps on fear that high beta stocks would undergo a
>correction, but with the Fed minutes suggesting QE2 is
>likely, there's been a scramble to reestablish long
>positions," says BBY Senior Institutional Trader Peter
>Copeland.
>
>"As long as China remains on track and QE2 underpins
>the U.S. economy and commodity prices, while sending
>the U.S. dollar down, I see further upward momentum
>for equities. You now have this perverse situation
>where bad economic news in the U.S. is good news for
>equities because it supports the case for QE2,"
>Copeland said.
>
>In Thursday's Asian trading, unexpected monetary
>policy tightening by the Monetary Authority of
>Singapore has pushed the U.S. dollar down against most
>currencies.
>
>The Australian dollar has hit a post-float high of
>0.9973, with the share market following as traders
>anticipate buying from offshore investors.
>
>"Today's buying has been tied to the currency, more
>than anything," said Macquarie Private Wealth
>Investment Adviser Shannon Briggs. "The Australian
>share market has been underperforming Wall Street and
>investors are underweight."
>
>In materials, BHP is up 1.9% at A$41.60, Rio Tinto is
>up 3.5% at A$81.37, Newcrest is up 3.2% at A$42.50,
>Fortescue is up 3.3% at A$6.51 and OZ Minerals is up
>3.4% at A$1.67.
>
>Energy and industrials also strong on U.S. peer
>strength, with Origin Energy up 1.9% at A$16.44 and
>Brambles up 3.4% at A$6.31.
>
>Banks are up 1.6%-2.5% while Macquarie is down 0.4% at
>A$34.15, amid disappointment over investment banking
>revenues in J.P. Morgan results overnight.
>
>
>-By David Rogers, Dow Jones Newswires: 61-2-8272-4693:
>david.rogers1@dowjones.com
>
>
>Click here to go to Dow Jones NewsPlus, a web front
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>5AZ2UqY%2BWSewruw%3D%3D.">http://www.djnewsplus.com/acc
>ess/al?rnd=VAYX%2FmF5AZ2UqY%2BWSewruw%3D%3D. You
>can use this link on the day this article is published
>and the following day.
>
>
>
>(END) Dow Jones Newswires
>
>October 13, 2010 22:17 ET (02:17 GMT)
>
>Copyright (c) 2010 Dow Jones & Company, Inc.
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