Welcome to your week. Here’s the best way to get it moving.
– The Dow closed at a new all-time high of 16,583.34 for a gain of 32 points or 0.2%. The Nasdaq rose 0.5% to 4,071 and the S&P 500 rose 0.15% or 3 points to 1,878. Big news from Apple with speculation it was buying Dr Dre’s Beats headphones company for $3.2 billion.
– In Europe, stocks and the euro were under a little pressure on Friday after some weak corporate results. The FTSE fell 0.36% to 6814, the DAX dropped 0.27% to 9,581 and the CAC lost 0.66% to 4,477. In Milan and Madrid, Europe’s high beta markets stocks fell 1.56% and 0.98% respectively.
– Australian markets will likely be quiet ahead of the NAB Business Survey which will give a window into Australia’s corporate health now and into the future. On Saturday, June SPI 200 Futures closed at 5455 bid, largely unchanged after a 28-point range Friday night.
– In Asia today, it should be fairly quiet with no data out of China and second tier data out of Japan covering bank lending and an economic survey. On Friday, the Asia Dow was up 0.38% to 3100.68, the Nikkei rose 0.25% to 14,199 and stocks in Hang Seng rose 0.12% to 21,862. In Shanghai however, stocks fell 0.21% to 2,011.
– Turning to the Forex markets and the US found its mojo after the euro figured out a monetary easing is on the cards and broke the trendline for 2014. Deeper pullbacks seem only a matter of time which could impact the Aussie, pound and yen. As it sits this morning, euro is at 1.3752, the pound is down at 1.6842 and USDJPY sits at 101.87. For the Aussie, it is still fairly strong, sitting at 0.9357.
– On Commodity markets, Nymex crude closed just above $100 Bbl at $100.03, Gold is becalmed at $1289 oz and Copper is back at $3.10 for the first time in weeks. On the Ags, the excitement continued with Corn and Wheat down 1.61% and 1.75% respectively while Soybeans rose 1.81%.
On the data front, it is a lean day with Just the NAB Business survey, second tier Japanese data and the US budget balance.
And now from CMC Markets’ Ric Spooner is today’s Stock of the Day
Retail speciality chain operator Premier Investments rallied strongly following its profit report in late March. The company, which is now under the stewardship of former DJ’s CEO Mark McInnes and operates brands like Jay Jays and Smiggle, pleased the market with profit growth of 12%.
After an initial rally in the days following the profit announcement, price has drifted in a sideways range. On Friday it returned to test the bottom of that range.
A break below this support would complete a classic “double top” formation on the chart. This may be a sign of weakness suggesting the stock is set to retrace more of the post result gains. One possibility would be a return to the support zone represented by the recent gap as well as the 38.2% and 50% Fibonacci retracement levels between about $9.15 and $8.90
Ric Spooner, chief market analyst, CMC Markets
You can follow Ric on Twitter @ricspooner_CMC
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